SICO, a leading regional asset manager, broker, market maker, and investment bank with physical presence in Bahrain, Saudi Arabia, and the UAE, has signed a distribution agreement with AlBaraka Islamic Bank (ABIB), a premier provider of Sharia-compliant banking solutions in Bahrain.
This strategic partnership aims to offer ABIB’s Premium Banking clients attractive, Sharia-compliant returns through SICO’s flagship Elzaad Sukuk Fund.
This collaboration is designed to broaden investor access to high-quality, Sharia-compliant fixed-income investments. The Elzaad Sukuk Fund will be available to ABIB’s accredited Premium Banking clients through the bank’s platform.
Commenting on the agreement, Najla Al Shirawi, group chief executive officer of SICO, said: “This partnership with AlBaraka Islamic Bank is a testament to our commitment to expanding investor access to high-quality, Sharia-compliant solutions. Strategic alliances like this are vital to strengthening Bahrain’s investment landscape, broadening the investor base and delivering exceptional value to the bank’s clients who prioritise both ethical investing and strong financial returns.”
Dr Adel Abdulla Salem, chief executive officer of AlBaraka Islamic Bank, added: “Our Premium Banking clients seek best-in-class, ethically sound investment opportunities. The Elzaad Sukuk Fund strengthens our offering with a Sharia-compliant solution backed by a solid performance track record. We also look forward to expanding our collaboration with SICO by introducing additional Sharia-compliant products in the future.”
The Elzaad Sukuk Fund is a Sharia-compliant fixed-income fund investing in a diversified portfolio of sovereign, quasi-sovereign, and corporate sukuk, primarily within the GCC. The fund’s size currently exceeds $50 million in assets with a year to date yield of 6.5 per cent, and it has recorded an annualised return of 6.8pc since its launch in December 2023, representing cumulative growth of 12.8pc to date.
Approximately 20pc of the portfolio is allocated to ESG-focused investments. The fund offers monthly liquidity and distributes dividends biannually, with a minimum investment requirement of $100,000 Its investors include a broad base of institutional and individual clients from Bahrain and across the GCC.
The fund is regulated by the Central Bank of Bahrain and supported by third-party service providers including HSBC, Ernst & Young, and APEX. Performance figures are historical and subject to change, and investors should refer to the fund’s prospectus for complete details. Past performance is not indicative of future results.
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