MANAMA, BAHRAIN – Al Salam Bank, Bahrain’s largest Islamic bank, has proudly announced the launch of ASB Capital. This newly established Category 3A asset management firm is licensed by the Dubai Financial Services Authority (DFSA) and is headquartered in the prestigious Dubai International Financial Centre (DIFC). ASB Capital is slated for an official launch soon, with assets under management (AUMs) reaching USD 4.5 billion.
The creation of ASB Capital was unveiled during the Gateway Gulf Investment Forum in the Kingdom of Bahrain, which took place on November 3 and 4, 2024. This strategic move marks a significant advancement in providing diversified wealth and asset management solutions, utilizing an innovative suite of products intertwined with advanced wealthtech solutions. ASB Capital’s offerings are structured across four key verticals: public markets, private markets, investment banking, and placement. These services are crafted to deliver comprehensive investment solutions to High Net Worth Individuals (HNWIs), family offices, corporations, and institutional clients, extending their reach throughout the Middle East and Africa (MEA) region and beyond.
ASB Capital has initiated an exclusive partnership with a leading global asset manager to introduce a specialized global equity fund to the market. Furthermore, the firm is entering the Exchange Traded Fund (ETF) space by launching a series of passive investment products in collaboration with a notable global ETF provider. In addition to these offerings, ASB Capital plans to expand into private markets with products such as private equity, venture capital, real estate, and other pioneering opportunities in collaboration with seasoned partners. These collaborations and solutions reflect ASB Capital’s dedication to emerge as a versatile financial solutions provider for the MEA region.
The firm is geared towards addressing the increasing demand for specialized asset management and advisory services in the region. Having secured two active sell-side investment banking mandates in the MEA, ASB Capital is well-positioned to offer unique advisory services and insights in one of the world’s most vibrant markets.
Embedded within the Al Salam Bank Group, ASB Capital seeks to harness synergies across banking, insurance, and other financial services sectors. This alignment supports the Group’s ambition to transform the MEA region’s financial landscape and build a sustainable asset management business. ASB Capital Services, serving as the operational hub, is located in Bahrain and aims to bolster economic growth while strengthening Bahrain’s role as a nucleus for Islamic finance and asset management.
ASB Capital’s vision includes increasing its AUMs with the aim of becoming one of the top 10 asset managers in the region. The firm is dedicated to establishing a brand synonymous with excellence in asset and wealth management, focusing on integrating innovative investment solutions to fulfill the evolving needs of its clientele.
Rafik Nayed, the Group CEO of Al Salam Bank and Managing Director of ASB Capital, commented: “The launch of ASB Capital is a pivotal milestone in our pursuit to deliver comprehensive and superior financial solutions for our clients. This initiative is crafted to diversify our operations, enhance revenue streams, and provide a capital-efficient pathway for regional expansion. Our exclusive partnerships and collaborations in the funds and ETF space are significant starting points underscoring our commitment to establishing new standards for regional asset and wealth management services.”
