Amana Capital has obtained a license to operate in the Dubai International Financial Center (DIFC) as a company that is licensed by the Dubai Financial Services Authority (DFSA). The brokerage has established its subsidiary Amana Financial Services (Dubai) Limited, which is incorporated in the federal financial free trade zone and is holding the license.
The move marks a significant milestone for Amana Capital, since the DFSA is known to be one of the toughest regulators in the world with very strict requirements towards brokerages operating with retail clients in the region.
The DFSA is known to be one of the toughest regulators in the world
Commenting on the matter, the CEO of Amana Capital Ahmad Khatibi said: “We are glad to receive this license which comes in line with our expansion plans that aim to strengthen our identity in applying high professional standards and best practices.”
“Obtaining this license and launching the new office in the Dubai International Financial Center will improve our abilities to better satisfy the needs of our customers in the Middle East,” he explained.
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The DFSA license that Amana Capital received from the regulator permits it to carry on authorized financial services with or for retail clients in futures investments.
The DIFC is a top destination for financial companies that are willing to operate in the Middle East and in the nearby emerging markets. Under the constitution of the United Arab Emirates (UAE), the DIFC is under an independent jurisdiction designed to facilitate business operations.
Subsidiaries of Amana Capital are already operating under the supervision of the U.K. Financial Conduct Authority, the Cyprus Securities and Exchange Commission and the Central Bank of Lebanon.
The company is continuing its work to establish a substantial presence in the Middle East after it recently signed a sponsorship deal with Saudi Arabian football club Ettifaq. The firm has also recently established an office in Malaysia.