- Transaction involves BlueFive Capital acquiring stake in Sidra Capital, and Al Murjan acquiring a stake in BlueFive Capital’s Singapore-based Sharia-compliant investment platform, BlueFive786
- Aim is to become the leading global name in Sharia-compliant alternative investment products targeting institutional and retail investors, primarily in the populous predominantly Muslim nations in Southeast Asia and the GCC
- BlueFive will support Sidra Capital in its asset allocation and investment mandate
Al Murjan Group, one of Saudi Arabia’s most established and respected family business groups, and BlueFive Capital, a global investment platform, are pleased to announce a cross-shareholding strategic linkup to co-develop a global platform for Islamic finance.
The partnership includes reciprocal ownership stakes in the two stakeholders’ respective Sharia-compliant asset management units: BlueFive acquiring a substantial minority stake in Sidra Capital, a leading Shariah-compliant asset manager that specializes in private assets, and Al Murjan acquiring a substantial minority stake in BlueFive786, BlueFive’s newly launched Shariah-compliant investment arm. BlueFive786, which will be headquartered in Singapore, aims to offer sharia-compliant investment products, such as retirement and saving schemes, to savers and retirees predominantly in the Southeast Asian countries of Indonesia, Malaysia, Bangladesh, Brunei and Singapore. As part of the deal, BlueFive will open an office in Riyadh and becoming active, jointly alongside Sidra Capital, in managing and undertaking investments in the Kingdom of Saudi Arabia.
The deal will provide both parties with enhanced access to cross-border investment opportunities and institutional capital. This partnership will also support joint product development and co-branded investment vehicles, enabling institutional and private clients to access best-in-class Islamic investment strategies.
As part of the transaction, BlueFive Capital founder and chief executive Hazem Ben-Gacem, and BlueFive co-founder Yasser Bajsair will join the board of directors of Sidra Capital. Taufiq Bahamdain, CEO of Al Murjan Group, and Shahid Shaikh, a board member in Al Murjan Group, will represent Al Murjan in the board of BlueFive786.
Taufiq Bahamdain, CEO of Al Murjan Group and board member at Sidra Capital, said: “This strategic alignment with BlueFive Capital builds upon Sidra Capital’s decades of experience in Islamic Finance, taking its mission to become a globally recognized leader in Sharia-compliant finance to the next level. By combining Sidra Capital’s established expertise and deep roots in the GCC with BlueFive’s innovative platform and access to Southeast Asia’s dynamic markets, we are creating a powerful conduit for cross-border ethical investment. This partnership is built on a shared commitment to integrity, performance, and expanding access to sophisticated, values-driven investment products for a global clientele.”
Hazem Ben-Gacem, Founder and Chief Executive of BlueFive Capital, said: “We are grateful for the trust of Sheikh Abdulrahman Bin Mahfouz and look forward to, jointly with Al Murjan, building a lasting legacy in the field of Sharia-compliant investing. With Sidra Capital, we will look to redefine and shape the products and solutions that are today unavailable across Muslim-majority growth markets.”
