Wednesday, June 19, 2024
Editor's PickSaudi subsidiary of Hong Kong brokerage firm unveils Shariah compliant trading platform

Saudi subsidiary of Hong Kong brokerage firm unveils Shariah compliant trading platform

Valuable Capital Financial Company (VCFC), a brokerage firm licensed by the Saudi Capital Market Authority (CMA) and whose parent company is Hong Kong-based online broker Valuable Capital Group, has officially launched its Shariah compliant trading app, Sahm.

The proprietary platform, touted as the first of its kind in the Kingdom, is designed specifically for investors in Saudi Arabia, offering them exposure to both Saudi and US markets.

The app provides a list of Shariah compliant stocks and exchange-traded funds (ETFs) in the US, and other features including currency conversion, market quotes and statistics and analysis tools, in both Arabic and English.

“Since the beginning, our product philosophy has always been to design an all-in-one, easy-to-use trading platform tailored for domestic investors,” shared Hadeel Bedeeri, the general manager of VCFC.

Jess Cheung, the co-founder and CEO of Valuable Capital Group, said about the subsidiary’s new platform: “With the launch of the Sahm app, we hope to become the best online broker in Saudi Arabia and are committed to offering fast, easy and global integrated market access to Saudi investors.”
VCFC in October 2023 received its license from the regulator to carry out its business operations in the dealing, advising and custody services sector of Saudi Arabia, and became the first international online brokerage firm to provide online brokerage services in the country.

The company is currently applying for a license from the CMA to arrange and manage securities, as part of its plans to expand. Ghada Bin Baz, the head of finance at VCFC, confirmed with IFN that it currently offers other Shariah compliant products.

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