The Securities House announced that it has incorporated a wholly-owned public limited company in the UK, which is currently applying for a license from the Financial Services Authority (FSA) to act as a deposit taking banking entity within the UK regulatory environment.  The new company intends to establish itself in London as a Shariah compliant wholesale investment bank, focusing on the Islamic capital markets, Islamic treasury business and asset management.

The new company has an authorized capital of £200 million and the Securities House expects to obtain the authorization during the year 2008 inshallah.

Ayman Boodai, the Securities House’s Chairman and Managing Director, stated: “We believe that such a bank is complementary to the Securities House’s plans for future expansion and development in addition to serving the needs of our clients and shareholders ".

The Securities House also announced the appointment of Mr. David Testa, as the chief executive officer of the new company.

July 18, 2007