Saudi Arabia’s NCB revamps tech platform Islamic finance
NCB is using the Charles River tech to target Islamic finance customers in Riyadh and Jeddah
Islamic finance specialist firm NCB Capital Company has installed a Charles River front and middle office investment management platform, as part of a drive to improve internal efficiencies in its Saudi business.
NCB Capital Company was launched in 2007 as the investment banking arm of the National Commerce Bank in Saudi Arabia. The company offers wealth management advisory services, trading abilities and asset management services.
The Charles River IMS installation completes stage one of a multi-asset class project to automate portfolio management, order and execution management at the firm, as well as compliance and performance measurement for NCB Capital Company customers in Riyadh and Jeddah.
“We want to be the manager of choice for local and foreign investments in Saudi Arabia, and Charles River’s global solution allows us to offer strategies and processes equal to those of the world’s leading asset managers,” said Sami Al-Bashir, chief operating officer of asset management at NCB Capital Company. “Charles River IMS has helped to significantly reduce risk and increase efficiencies in our investment management process.”
The principles of Islamic banking forbid the charging of interest, as well as dealing in products related to vices such as alcohol, gambling, weapons sales and tobacco. In addition, trading activity should be based on a real underlying asset to avoid speculation and communal initiatives such as profit sharing are encouraged.
