Sarasin-Alpen LLC, Oman, a subsidiary of the private bank, Bank Sarasin and Co. Ltd, Switzerland, has received approvals from the Capital Market Authority, Sultanate of Oman, to market Islamic securities, products and services to its clientele, along with its existing advisory services in private banking.
Sarasin-Alpen started its operations in Muscat, Sultanate of Oman, in 2008 and provides a comprehensive range of private banking advisory services. It was the first Swiss-based private banking advisory service to operate in the country. Sarasin-Alpen also leverages the existing Investment Banking business of its associate, Alpen Capital LLC (Oman) which is also regulated by the CMA, further enhancing its extensive range of financial services offerings. In addition to Oman, Sarasin Alpen Group also have offices in Bahrain, India, Qatar and UAE.
The Sarasin Group launched its Islamic Wealth Management offering from Switzerland in late 2009. Through the offering it provides a full spectrum of Sharia-compliant private banking products and services including estate and succession planning, financing and asset management, offering money market and structured products such as Wakala, Murabaha and Maraya. It also has established an independent Sharia Advisory board comprising eminent scholars such as Sheikh Dr Mohamed Ali Elgari, Dr Muhammad Imran Ashraf Usmani and Dr Monzer Kahf which ensures that this high-quality offering is fully compliant with Sharia principles. As required, Sarasin’s Islamic wealth management service is based on an intense investment screening process, including elaborate Sharia monitoring and control procedures.
“I am very pleased that we are one of the first companies in Oman to receive an Islamic advisory license from the CMA. I hope that our extensive experience in the field of Islamic Wealth Management will provide added value to our clientele in Oman,” Rohit Walia Executive Vice Chairman and CEO, Sarasin-Alpen Group, said.