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Corporate Profile

2016

Contents

Introduction 4
Fajr Capital Overview
Our Geographic Reach

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5

Corporate Governance

6

Overview 6
Board of Directors
7
Management Team
11
Shari’a Supervisory Board
16

Select Portfolio Companies

17

Bank Islam Brunei Darussalam
GEMS Education
MENA Infrastructure
National Petroleum Services
Tamar Energy

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20
22
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Making a Positive Social Impact

28

Fajr Capital Foundation
Social Responsibility

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29

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Fajr Capital
Overview

Overview

Mandate

Headquarters

Fajr Capital is an award-winning principal
investment firm, with a focus on strategic,
high-growth sectors in Organisation of
Islamic Cooperation (OIC) markets

Dubai International Financial Centre

Investment approach
Key OIC markets represent a distinctive
investment opportunity: common values
and cross-regional trade flows, coupled with
strong growth and high liquidity.
Fajr Capital has developed a robust analytical
framework to identify the most attractive
investment opportunities across our priority
markets. As an active investor, we work
closely with our portfolio companies to
create enduring value for our shareholders
and the communities we serve.

Corporate Governance
Fajr Capital abides by the highest standards
of corporate governance. The company’s
organisational design and governance
practices focus on mitigating risk, building
a performance-driven culture, and ensuring
the spread of ideas and innovation.
Fajr Capital’s Board of Directors, chaired
by Adib AlZamil from the Zamil Group,
comprises of senior global economic
and business leaders. The company’s
management team, led by CEO Iqbal Khan,
includes seasoned investment professionals,
with a proven track record and unparalleled
industry insight.

Ethical Principles
The word Fajr means “dawn” in the Arabic
language - representing Fajr Capital’s
vision to become a pioneering, role model
institution in the global financial services
industry.
As well as a robust governance framework,
Fajr Capital has appointed three independent
Shari’a supervisors to ensure consistency
with Islamic legal and ethical principles.
The firm’s commitment to Shari’a principles
shapes its investment decisions and creates a
unique sense of ownership across the whole
business.

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Shareholders
Abu Dhabi Investment Council
Brunei Investment Agency
Fajr Capital Management Team
Government of Brunei Darussalam
HSBC Investment Bank
Khazanah Nasional Berhad
Lembaga Tabung Haji
Mohammed Alsubeaei & Sons
Investments Company (MASIC)

Select Portfolio Companies
Bank Islam Brunei Darussalam
GEMS Education
MENA Infrastructure
National Petroleum Services
Tamar Energy Limited

Select Co-investment Partners
APICORP
Blackstone
Gulf Investment Corporation
HSBC
Jadwa Investment
Mumtalakat
RIT Capital Partners
Waha Capital

Recent Awards
Best Private Equity House in the
Middle East 2015, EMEA Finance
Achievement Awards
Best Private Equity House in the
Middle East 2015, Global M&A Network
Middle East Deal of the Year 2015 National Petroleum Services, Global
M&A Network
Best Islamic Private Equity House,
The Asset Magazine
Best Private Equity House,
Islamic Finance News

Our Geographic
Reach
Featured in

Together with our
portfolio companies,
employing over

15,000
people

50+
global publications
including The
Economist, Financial
Times, Bloomberg,
Wall Street Journal
and Reuters

5

global awards in 2015.
Recognised as the “Best
Private Equity House
in the Middle East” by
EMEA Finance and the
Global M&A Network

Portfolio
global
companies
operating in

10+
key OIC
markets

1

Mandated by the IDB
Group and IFSB to
develop the growth
strategy for the global
Islamic financial
services industry

15+

Institutional
co-investment
partners including:
Blackstone,
Mumtalakat,
Gulf Investment
Corporation, RIT
Capital Parters and
Jadwa Investment

Over

100

high-profile speaking
engagements since
2013, including World
Economic Forum, World
Bank, World Islamic
Economic Forum, Super
Return and Private
Equity International

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Corporate
Governance

Overview

Fajr Capital remains committed to abiding
by the highest standards of corporate
governance.
The Fajr Capital Board of Directors is the
main decision-making forum for the Group.
It has overall responsibility for guiding the
strategic development of Fajr Capital,
overseeing the Group’s business and affairs,
and is also accountable to shareholders for
financial and operational performance.
The Board of Directors meet on a regular
basis, both as a body and within its various
committees, and support the principle of
collective responsibility for the future success
of the Group.
The roles of the Chairman and Chief
Executive are also distinct and separate,
with a clear division of responsibilities. The
Chairman leads the Board of Directors
and ensures the effective engagement
and contribution of all executive and
non-executive directors. The Group Chief
Executive has responsibility for all Group
businesses and acts in accordance with the
authority delegated by the Board.

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Fajr Capital’s Investment Committee,
chaired by Chris Masterson, meets on a
monthly basis to oversee the company’s
principal investment activities.

Fajr Capital Governance-related
Committees
Board of Directors
Audit and Risk Committee of the Board
HR, Compensation and Nomination
Committee of the Board
Investment Committee of the Company
Portfolio Committee of the Company
Management Committee of the Company

Board of Directors

Adib AlZamil

Abdulaziz Alsubeaei

Chairman of the Board

Director of the Board

Adib Abdullah AlZamil serves as chairman
and an independent director on the Fajr
Capital Board of Directors. He is a senior
member of Zamil Group, which represents
the interests of one of the leading business
families in Saudi Arabia. He is currently
Managing Director of Finance and
Investments at Zamil Group, and also serves
on the Board of Directors and Executive
Committee. He was Managing Director of
Zamil Industrial Investments Company from
1998 to 2004, and remains a member of its
Board of Directors. He is also the Chairman
of Jadwa Investment and serves on the
Board of Directors of Methanol Chemical
Co. Mr Zamil holds a Bachelor’s degree in
business administration from Portland State
University.

Chairman of the HR, Compensation, and
Nomination Committee of the Board
Abdulaziz Mohammed Alsubeaei has played
a pivotal role in the creation of Mohammed
Alsubeaei & Sons Investment Company
(MASIC). He is a founder and Member of
the Board of Directors of Jadwa Investment
Company, one of Saudi Arabia’s fastest
growing investment banks. Mr. Alsubeaei
also serves on the Founder’s Committee and
the Executive Committee of Bank Al Bilad in
Saudi Arabia and on the Boards of Directors
of four other companies.

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Corporate
Governance

Nasser Alsubeaei

Khalid Alsweilem

Mohd Izani Ghani

Director of the Board

Independent Director of the Board

Director of the Board

Nasser Mohammed Alsubeaei is Chairman
of Mohammed Alsubeaei & Sons Investment
Company (MASIC) and Managing Director
at its parent company, the Al Subeaei Group
of Companies. Mr. Alsubeaei is a Board
Member and a Member of the Executive
Committee of Bank Al Bilad. He is also a
Board Member of Arriyadh Development
Company (ARDCO) and Saudi Hotels
and Resorts Company, and a Member of
the Audit Committee at the Saudi Basic
Industries Corporation (SABIC).

Dr. Khalid Alsweilem is an independent
director on the Fajr Capital Board of
Directors, and currently serves as a nonresident fellow at the Belfer Center for
Science and International Affairs, Harvard
Kennedy School of Government. He was
previously Chief Counselor and Director
General of Investment at the Saudi Arabian
Monetary Agency, where he held several
senior positions since 1991. He holds
degrees from the University of Arizona (BS
Industrial Engineering), Boston University
(MA Economics) and University of Colorado
at Boulder (PhD Economics), and was a
post-doctoral fellow at Harvard University
(Economics & Finance).

Mohd Izani Ghani serves on the Fajr Capital
Board of Directors as a representative of
Khazanah Nasional Berhad. He joined
Khazanah in March 2005, and currently
serves as Executive Director and Chief
Financial Officer. He is also Non-Executive
Non-Independent Director of Bank
Muamalat Malaysia Berhad and Malaysia
Airports Holdings Berhad. At Khazanah, Mr
Ghani was deeply involved in the issuance
of the world’s first exchangeable sukuk for
USD750 million in 2006, followed by other
landmark exchangeable sukuks in 2007
and 2008. Prior to Khazanah, he was with
Putrajaya Holdings Sdn. Bhd. and Renong
Group. Mr. Ghani has a BSc (Economics,
specialising in Accounting and Finance) from
the London School of Economics and Political
Science; is a qualified chartered accountant
with the Association of Chartered Certified
Accountants, and is a member of the
Malaysian Institute of Accountants.

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Iqbal Khan

Atilla Kurama

Junaidi Masri

CEO, Fajr Capital
Director of the Board

Independent Director of the Board
Chairman, Audit and Risk Committee
of the Board

Director of the Board

Iqbal Ahmad Khan is the Chief Executive
Officer of Fajr Capital. He is also a member
of the Board of Directors of Bank Islam
Brunei Darussalam, Jadwa Investment,
MENA Infrastructure and National Petroleum
Services. Previously, he was the founding CEO
of HSBC Amanah, the global Islamic financial
services division of the HSBC Group. Mr Khan is
a long-time advocate of the Islamic financial
services industry, serving as an advisor to
government initiatives in Brunei Darussalam,
Malaysia, Saudi Arabia, Singapore, United
Arab Emirates and the United Kingdom. He
holds a Master’s degree in Political Science
and International Relations and a B.Sc. (Hons)
in Physics and Chemistry, both from Aligarh
Muslim University. He is the recipient of
several industry and international accolades,
including the Royal Award for Islamic Finance,
a biannual prize presented by HM the King
of Malaysia; the State Award of “The Most
Honourable Order of the Crown of Brunei”
from HM the Sultan of Brunei; and a Lifetime
Achievement Award presented by HH Sheikh
Mohammed bin Rashid Al Maktoum, Prime
Minister of the UAE and Ruler of Dubai.

M. Atilla Kurama is an independent director
on the Fajr Capital Board of Directors. He
is also a Board Member of Türkiye Finans
ve Katilim Bankasi and Godiva Chocolatier,
and Chairman of Fon Leasing. He serves
as a member of the Holding Executive
Board of the Ulker Group, one of Turkey’s
leading diversified conglomerates. The
Ulker Group, with origins in the food and
beverage industry, has been an operator
and principal investor in a wide range
of sectors and in 2008 acquired Godiva
Chocolatier. In addition to strong insight
and connectivity into Turkey and other OIC
markets, Mr. Kurama brings deep expertise in
the Financial Services sector, having played a
pivotal role in the 60% sale of Türkiye Finans
to Saudi Arabia’s National Commercial Bank
(NCB) in 2008.

Junaidi Hj Masri serves on the Fajr Capital
Board of Directors as a representative of
the Government of Brunei Darussalam. He
is currently Acting Managing Director of the
Brunei Investment Agency (BIA). He joined
the BIA in 1991, and was previously Director
and Head of Venture Capital and Strategic
Investments, managing BIA’s investments
globally. Mr. Masri holds a BSc Degree in
Computer and Management Sciences from
Keele University, United Kingdom.

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Corporate
Governance

Chris Masterson

Mike Powell

Independent Director of the Board
Chairman of the Investment
Committee of the Company

Independent Director of the Board

Chris Masterson is the Chairman of Montagu
Private Equity, a leading private equity firm
in the European market. Montagu focuses on
mid–market (Euro 100m—1b) investments
and management buyouts, with offices in the
UK, France, Germany, and Sweden. He has
over three decades of principal investment
experience at Montagu and elsewhere.
Previously held by the HSBC Group as HSBC
Private Equity Limited, Montagu was bought
out by its management in 2003, with HSBC
remaining as a minority shareholder. Mr.
Masterson read Psychology at University
College, London and holds an MBA from
Manchester Business School.

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Mike Powell serves as an independent
director on the Fajr Capital Board of
Directors. He is a Managing Partner and
Co-Founder of Thematic Capital Partners
LLP and Senior Partner of GCS Capital LLP.
He was formerly Global Head of Markets for
HSBC and a member of the HSBC Group
Executive Committee, and is well-known
as a seasoned global macro investor with
extensive strategic management experience.
Mr. Powell is a non-executive director of
Jadwa Investment, and serves on the board
of a number of technology companies. Mr.
Powell has an MBA from Henley Business
School.

Management Team

Iqbal
Khan

CEO
Iqbal Ahmad Khan is the Chief Executive
Officer of Fajr Capital. He is also a member
of the Board of Directors of Bank Islam
Brunei Darussalam, Jadwa Investment,
MENA Infrastructure and National Petroleum
Services. Previously, he was the founding
CEO of HSBC Amanah, the global Islamic
financial services division of the HSBC Group.
Mr Khan is a long-time advocate of the
Islamic financial services industry, serving
as an advisor to government initiatives
in Brunei Darussalam, Malaysia, Saudi
Arabia, Singapore, United Arab Emirates
and the United Kingdom. He holds a
Master’s degree in Political Science and
International Relations and a B.Sc. (Hons)
in Physics and Chemistry, both from Aligarh
Muslim University. He is the recipient of
several industry and international accolades,
including the Royal Award for Islamic
Finance, a biannual prize presented by HM
the King of Malaysia; the State Award of
“The Most Honourable Order of the Crown
of Brunei” from HM the Sultan of Brunei; and
a Lifetime Achievement Award presented
by HH Sheikh Mohammed bin Rashid Al
Maktoum, Prime Minister of the UAE and
Ruler of Dubai.

Javed
Ahmad

Managing Director
Javed Ahmad is a Managing Director at Fajr
Capital and was previously the Managing
Director at BIBD. He was previously a
Managing Director at HSBC Amanah, where
he led HSBC Amanah’s retail franchise in
Saudi Arabia and HSBC Amanah’s global
wealth management business, overseeing
a wide range of funds across diverse asset
classes. He has a long track record of
successful corporate finance transactions
in Islamic finance at HSBC Amanah, at
RHB Sakura Merchant Bankers Berhad as
a General Manager, and at the DMI Group.
Mr. Ahmad, who is a resident of Brunei, holds
an MBA from the University of Bradford.

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Corporate
Governance

Rizwan
Kherati

Managing Director and CFO
Rizwan Kherati focuses on corporate and
investment operations and is the company’s
Chief Financial Officer. Mr. Kherati has led a
variety of functions at leading international
firms, including financial control, financial
analysis, audit, risk management,
compliance and operations. He was most
recently Global Head of Finance and Risk
at HSBC Amanah. In earlier roles, he worked
at HSBC Financial Services (Middle East),
Orix Leasing, Pakistan Kuwait Investment
Company and PricewaterhouseCoopers. He
is a qualified chartered accountant, cost
and management accountant, corporate
secretary and internal auditor.

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Mubashar
Khokhar

Managing Director, Islamic Financial
Services (Managing Director – BIBD)
Mubashar Khokhar focuses on Islamic
financial services at Fajr Capital and is
currently Managing Director at BIBD. He is
a seasoned financial services professional
with more than 28 years’ experience across
fifteen developed and emerging markets,
including the USA, Europe, Asia, Africa and
the Gulf Cooperation Council (GCC). Prior
to Fajr Capital, Mr Khokhar was the CEO
of Ajman Bank, a publicly listed Shari’a
compliant bank in UAE, and also served as
the CEO of Badr Al-Islami/Mashreq Al-Islami,
a wholly owned subsidiary of MashreqBank.
During his reign, Ajman Bank received
widespread industry recognition, including
the coveted ‘Best Domestic Bank’ award
in 2011. Mr Khokhar has previously served
on the Board of Directors of Badr Al-Islami
and SAMBA Pakistan Ltd, and held senior
positions in American Express Bank and Bank
of America. He has an MBA and BBA (Hon.)
from Ohio University, USA.

Aamir A.
Rehman

Managing Director
Aamir Abdul Rehman is a Managing Director
at Fajr Capital. Prior to joining Fajr Capital,
Mr. Rehman was Global Head of Strategy at
HSBC Amanah, where he oversaw strategy
development across the full range of HSBC
Amanah’s business lines and regions. Prior to
HSBC, he was a consultant with the Boston
Consulting Group, advising Fortune 500 and
prominent global clients. He is author of
Dubai & Co.: Global Strategies for Doing
Business in the Gulf States (McGraw-Hill
2007) and Gulf Capital and Islamic Finance:
The Rise of the New Global Players (McGrawHill 2009). He holds bachelor’s and master’s
degrees from Harvard University, and an
MBA from the Harvard Business School.

Azmat
Ashraf

Salman
Ashraf

Tom
Hodgson

Director

Director

Director

Azmat Ashraf has thirty years of diverse
international experience with First Chicago,
Deutsche Bank, American Express, Saudi
Fransi and Mashreq Bank in the Middle East
and South Asia. In addition, he was also the
Managing Director of a brokerage house and
an Islamic finance firm. He conceived and
executed the local incorporation of Mashreq
Bank’s branches in Pakistan and its merger
with another domestic bank. As the CEO of
a full service commercial bank, he led the
acquisition or amalgamation of other banks
and financial services companies. Mr. Ashraf
holds a Bachelor’s degree in economics from
the University College London and an MBA
from the University of Bradford.

Salman Ashraf is the Head of Treasury and
Markets at Bank Islam Brunei Darussalam.
He is a qualified Chartered Financial Analyst
(CFA) and an Islamic Treasury and Global
Markets expert with over 24 years of
experience working in the MENA, Central
Asia and Far Eastern regions with top tier
institutions such as Standard Chartered,
HSBC Amanah, Arab Banking Corporation
and latterly as the Global Head of Islamic
Distribution at Deutsche Bank. He holds a
Master’s degree in Business Administration,
a PGD is Systems Analysis and is a member
of the CFA Institute.

Tom Hodgson focuses on principal
investments at Fajr Capital. Prior to joining
the firm, he worked as Director, Corporate
Finance Advisory at Deloitte Middle East.
He has more than twelve years of advisory
experience in sell-side and buy–side M&A,
IPO advisory, business and asset valuations,
capital restructuring, audit and accounting.
He has worked on transactions in Europe, US
and the Middle East and he has been based
in the Middle East since 2007. Mr. Hodgson
is a chartered accountant by training, and
has an Executive MBA from CASS Business
School and an Islamic Finance Qualification
from the Securities & Investment Institute
(SII).

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Corporate
Governance

Zahid
Kamal

Director and Head of Legal and
Corporate Affairs
Zahid Kamal focuses on corporate and
investment operations at Fajr Capital
and is the company’s Head of Legal and
Corporate Affairs. Prior to joining the firm,
he was a senior lawyer at Ashurst LLP in
London and Dubai, where he advised Fajr
Capital and other corporate clients. Mr.
Kamal is an English qualified solicitor, and
has experience in UK and MENA public and
private company transactions, including
M&A, public takeovers, IPOs, secondary
offerings, restructurings and joint ventures.

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Mohammad
Atif
Mahmood

Gyorgy
Ladics

Director

Director

Dr. Gyorgy Ladics was previously Chief
Information Officer at Barclays — Emerging
Markets region. He enabled Barclays’
geographical expansion and entry into new
markets like India, Pakistan, Russia and the
re-launch of businesses in UAE, Egypt and
Uganda by providing essential Operations
and Technology capabilities. Prior to joining
Barclays, he was Vice President at Citigroup,
where he held various senior positions
including Chief Operating Officer in Czech
Republic, Head of Technology for Central
European Region, and Senior Operating
Officer in Hungary. Dr. Ladics holds a
Master’s degree in Electrical Engineering
and Informatics and a doctorate degree
from Budapest University of Technology
and Economics.

Mohammad Atif Mahmood focuses on
corporate and investment operations at
Fajr Capital. He has significant experience
in finance, valuation, corporate finance,
assurance and accounting for large
corporates and multinationals. Prior
to joining Fajr Capital, he worked at
PricewaterhouseCoopers in Dubai and
Karachi. Mr. Mahmood is a qualified
Chartered Accountant, Chartered
Management Accountant and Chartered
Financial Analyst, with a record-setting nine
gold medals at the Institute of Chartered
Accountants in Pakistan and a joint third
highest in the world in Financial Accounting
at the Chartered Institute of Management
Accountants in the United Kingdom.

Imran
Samee

Mansoor
Shakil

Hak
Yeung

Director

Director

Director

Imran Samee brings a wealth of experience
in consumer banking to Fajr Capital, having
held senior roles across the Middle East and
Europe. He helped to establish Al Khaliji
Commercial Bank in Qatar, serving as Head
– Retail Banking Group and then as CEO of
its subsidiary BetaQat, a processing services
provider for GCC financial institutions. He
was Head of the Retail Banking Group for
Dubai Bank, and managed its conversion
to Shar’ia compliant operations. He was
Country General Manager for Mashreqbank
Qatar, and led its transformation into a full–
fledged consumer banking operation with
a USD 0.5b+ balance sheet. He began his
career with Citigroup, serving at Citibank
Pakistan and at the Saudi American Bank.
Mr. Samee holds a BSc (Hons) in Economics
from the London School of Economics and
Political Science.

Mansoor Shakil focuses on principal
investments at Fajr Capital. He represents
Fajr Capital on the Board of Tamar Energy,
a leading alternative energy company in
the UK. Previously, he was Director, Asset
Management Group at the Doha–based Al
Rayan Investment, where he launched and
co–managed Al Rayan GCC Fund and led
landmark deals for Qatar First Investment
Bank and Gulf Bridge International. Prior
to that, Mr Shakil was with HSBC Amanah,
where he was instrumental in launching the
full product suite for HNWIs, corporates and
retail customers as well as cross functional
support for investment banking clients. Mr.
Shakil holds LL.M. degrees from Harvard Law
School and Cambridge University, as well as
an LL.B (Hon.) degree in Shariah & Law from
International Islamic University, Islamabad.

Hak Yeung has in–depth corporate
finance and strategic advisory experience
and has successfully advised numerous
companies across Europe and East Asia.
Prior to joining Fajr Capital, he was Head of
Business Development Asia at goetzpartners
Corporate Finance, an independent European
advisory firm. Prior to goetzpartners, he was
at NatWest Markets and KPMG. Mr. Yeung
is a qualified chartered accountant with an
MSc in Development Economics from Oxford
University and a BSc (Hons) in Banking and
International Finance from City University,
London.

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Corporate
Governance

Shari’a Supervisory Board

Fajr Capital’s Shari’a Supervisory Board
monitors the compliance of the company
and its investments with the principles of
Shari’a. The Shari’a Board has been selected
based on the following criteria:

Ustadh Taha Abdul-Basser

• Expertise in Islamic financial
jurisprudence;

Taha Abdul-Basser is an independent scholar
of Islamic ethics and law who has provided
comprehensive Shari`a advisory services to
investment funds, investment banks, retail
banks, financial advisories, legal advisors and
other institutions since 1998. He received
his Bachelors (A.B.) in the Comparative Study
of Religion from Harvard College, a Master’s
(A.M.) in Arabic and Islamic Studies from
the Department of Near Eastern Languages
and Civilizations at Harvard University and
is an ABD from the same department. He
is currently the Harvard Islamic Society
Chaplain and a member of the Harvard
Chaplains.

• Experience in Shari’a supervision of
Islamic financial institutions; and
• Diversity of perspective.

Shaykh Dr Mohamed Ali Elgari
Professor of Islamic Economics
at King Abdul Aziz University
Independent member of the
Shari’a Supervisory Board
Dr Mohamed Ali Elgari holds a PhD in
Economics from the University of California.
He is a Professor of Islamic Economics at King
Abdul Aziz University, and serves as an expert
at the Organisation of Islamic Cooperation
and the Islamic World League. Dr Elgari
is a member of Shari`a Boards of various
high-profile Islamic finance institutions
and Takaful companies, including the Dow
Jones International Islamic Fund Market.
He also sits on the Shari`a Board of the
Accounting and Auditing Organisation for
Islamic Financial Institutions (AAOIFI) and
is an Advisory Board member of the Harvard
Series on Islamic Law.

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Managing Partner, StraightWay
Ethical Advisory
Independent member of the
Shari’a Supervisory Board

Shaykh Essam Ishaq
Independent member of the
Shari’a Supervisory Board
Shaykh Essam Ishaq graduated in Political
Science from McGill University, Montreal,
Canada. He is currently teaching Islamic Law
and Theology in Bahrain, and is recognized
as an emerging leader in the discipline of
Islamic Finance. Shaykh Essam also serves on
the Shari’a Supervisory Boards of numerous
Islamic financial institutions, including:
Accounting and Auditing Organisation for
Islamic Financial Institutions (AAOIFI),
Meezan Islamic Bank and Al Baraka Islamic
Bank.

Select
Portfolio
Companies

Annual Report 2014

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Bank Islam
Brunei Darussalam

Key Facts
www.bibd.com.bn

Business: Full-service Islamic financial
institution
Total assets: USD 5.3 billion
Shareholders: Brunei Ministry of Finance,
Sultan Haji Hassanal Bolkiah Foundation,
Fajr Capital, and approximately 6,000
individual Bruneian investors

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Subsidiaries: BIBD At-Tamwil, BIBD
Securities, Syarikat Takaful Brunei Darussalam
(affiliate)
Headquarters: Bandar Seri Begawan, Brunei
Darussalam
Employees: 700+

Company Overview
Headquartered in Bandar Seri Begawan,
Bank Islam Brunei Darussalam (BIBD) is
Brunei’s largest bank and flagship Islamic
financial institution. With over seven hundred
employees and fourteen branches located
across Brunei, BIBD leads the Brunei market
in assets, financings and deposits – and is also
the preferred payroll bank for Government
employees. Other initiatives include:
• BIBD At-Tamwil, a wholly-owned
subsidiary, provides fixed deposits,
vehicle hire purchase and consumer
product financing.
• BIBD Securities, a wholly-owned
subsidiary, provides brokerage services
for both local and foreign shares.
• Syarikat Takaful Brunei Darussalam,
a 30%-owned affiliate company,
provides general and family takaful
services through its subsidiaries Takaful
Brunei Am and Takaful Brunei Keluarga.

Investment Rationale
Brunei Darussalam is a strong and distinctive
economy. With majority government
shareholding, BIBD is committed to Brunei
Darussalam’s National Vision 2035 of
attaining developed nation status.
BIBD was formed by the 2005 merger
of two earlier local Islamic financial
institutions, Islamic Bank of Brunei and
Islamic Development Bank of Brunei, and
began operations in 2006. Today, BIBD is the
leading domestic provider for a wide array
of Islamic financial services to all customer
segments.

Corporate Governance
BIBD has over 700 employees and its
governance is rooted in global best practices.
BIBD’s Chairman is the Deputy Minister at
the Brunei Ministry of Finance. Fajr Capital’s
Board Member Abdulaziz Alsubeaei, Chief
Executive Officer Iqbal Khan, and Managing
Director Javed Ahmad serve on the BIBD
Board of Directors. Javed Ahmad also serves
as BIBD’s Chief Executive Officer.

Value Creation
Fajr Capital remains deeply committed to
its partnership with BIBD, and successfully
delivered a three-year “Leadership in
Service” strategy to optimise operational
performance, enhance product and
technological development, implement
corporate governance best practices,
improve brand equity and cement the
bank’s role as the dominant player in Brunei.

In 2014-15, BIBD won a series of
international awards demonstrating the
bank’s position as one of the leading Islamic
financial institutions not only in Brunei
Darussalam, but across the OIC region:
• “The World’s Top 50 Safest Banks”, by
The Banker Magazine
• “The World’s Best Islamic Financial
Institutions 2014 for Brunei” by Global
Finance Magazine
• “Best Retail Bank in Brunei” by The
Asian Banker
• “Strongest Bank in Brunei” by The
Asian Banker
• “Bank of the Year in Brunei Darussalam
2014” by The Banker Magazine

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GEMS
Education

Key Facts

www.gemseducation.com

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Corporate Profile 2015

Business: International education company

Headquarters: Dubai, United Arab Emirates

Shareholders: Blackstone, Fajr Capital,
Mumtalakat and the Varkey Group

Employees: 11,000
Students: 98,000

Company Overview
GEMS Education is a pioneering education
company. Established in the UAE in
1968, GEMS Education is now the world’s
largest provider of K-12 private education
– operating more than 50 schools and
employing over 11,000 people across 19
markets in the Middle East, North America,
Europe, Asia and Africa.

Investment Rationale
Fajr Capital led an investor group comprising
of Bahrain Mumtalakat Holding Company
(“Mumtalakat”), the investment arm of
the Kingdom of Bahrain, and Blackstone
to acquire a minority stake in GEMS
Education’s “emerging markets” business –
which consists of the growing markets in the
MENA and ASEAN regions, but excludes the
more mature markets of the US and Europe.
Private education in the emerging and
developing world is characterized by
increasing school age populations, high
demand dynamics for quality education
and fast-growing middle classes.
GEMS Education is arguably the largest
and one of the most successful global
education operators. The company is
uniquely positioned to serve high-growth
OIC markets given its successful education
delivery systems and blended curricula
offering, which can cater to different
markets’ needs at different price points.

Corporate Governance

Value Creation

Together with the other shareholders and
management team, Fajr Capital has already
enhanced GEMS Education’s corporate
governance by introducing new mechanisms
to improve transparency, accountability and
discipline.

Fajr Capital, Mumtalakat and Blackstone
are working closely with GEMS Education’s
existing stakeholders to enable expansion
plans in the company’s key growth markets,
particularly Gulf Cooperation Council (GCC)
markets, Malaysia, Singapore and Indonesia.

Fajr Capital is represented on the Board
of Directors of GEMS Education by CEO
Iqbal Khan, with the company also having
representation on the following governancerelated committees:

Fajr Capital and its co-investment partners are
also continuing to support GEMS Education
to make strategic, financial and operational
progress – with a focus on strengthening
the company’s corporate governance and
institutionalising the business in preparation
for an IPO.

• Audit and Risk Committee
• HR Committee
• Investment Committee
• IPO Steering Committee

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MENA
Infrastructure

Key Facts
www.menainfrastructure.com

Business: Infrastructure and energy
investments in Middle East and North Africa
Financial Close: September 2007
Size: USD 300m
GP Sponsors: Fajr Capital, HSBC Bank
Middle East and Waha Capital

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Portfolio: Alexandria International
Container Terminals, United Power Company,
Hajr Electricity Production Company, and
Sohar Power Company SAOG
Headquarters: Dubai, United Arab Emirates

Company Overview
MENA Infrastructure is a dedicated
infrastructure asset manager established
in the Dubai International Finance Centre
(DIFC) and regulated by the Dubai Financial
Services Authority (DFSA).
MENA Infrastructure’s mandate enables
its management team to invest across a
wide spectrum of infrastructure sectors
in the MENA region, including power
and water utilities, transportation, social
accommodation and energy infrastructure.

Investment Rationale
With increasing GDP and high population
growth, recent estimates indicate that
the MENA region requires significant
infrastructure investment over the next
decade in order to meet rising demand.
MENA Infrastructure has a proven track
record and industry expertise of originating
and executing sound and profitable
infrastructure investments. The Fund’s four
initial investments remain strong, stable
projects in key OIC markets:
• Alexandria International Container
Terminals (Egypt)
• United Power Company (Oman)
• Hajr Electricity Production Company
(Saudi Arabia)
• Sohar Power Company SAOG (Oman)

Corporate Governance

Value Creation

Fajr Capital is a shareholder of the General
Partner (GP) and co-sponsor of the MENA
Infrastructure Fund, alongside HSBC Bank
Middle East and Abu-Dhabi based Waha
Capital.

Fajr Capital remains committed to MENA
Infrastructure’s continued development and
recognises the company’s award-winning
role in enabling the region’s infrastructure
development.

MENA Infrastructure is managed by a
dedicated team of investment professionals
with significant experience in the finance,
infrastructure and energy sectors, led by CEO
Jeronimo Roura. Fajr Capital manages its
investment in MENA Infrastructure through
representation on MENA Infrastructure’s
Board of Directors by Fajr Capital Board
Member Atilla Kurama and CEO Iqbal Khan.
Mr Khan also serves as the Chairman of
MENA Infrastructure’s HR Committee, while
Mr Kurama is a member of the Audit and
Risk Committee.

With the first fund now fully invested, Fajr
Capital is working alongside the other GP
sponsors and the management team to
raise a second USD500m fund targeting
the high growth infrastructure sector in the
MENA region and Turkey.

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National Petroleum
Services

Key Facts
www.npsintl.com

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Business: Oilfield services company

Founded: 2004

Shareholders: Arab Petroleum Investments
Corporation (APICORP), Fajr Capital, Waha
Capital, and other regional institutional
investors

Headquarters: Dubai, United Arab Emirates
Employees: Approximately 1,400

Company Overview
National Petroleum Services (NPS) was
established after the successful merger
of two family-owned oil and gas service
businesses in 2004. Today, NPS is one
of the largest regionally owned oilfield
services companies, with approximately
1,400 employees operating in key MENA
and ASEAN markets, including Brunei
Darussalam, Iraq, Malaysia, Qatar, Saudi
Arabia, and the United Arab Emirates.

Investment Rationale
With 1,400 employees from twenty different
nationalities, NPS is a growing and profitable
business focused on service delivery,
reliability and efficiency. The company’s
current service offering includes: well services
(i.e. coiled tubing, cementing, stimulation
and nitrogen), drilling and workover services,
well testing and wireline logging services.
NPS is recognised for both product
quality and service deliverability, and is
widely engaged by leading national and
international oil companies such as Saudi
Aramco, Qatar Petroleum, ADNOC, Maersk
Oil, Ras Gas, Shell, Total, ConocoPhillips, and
Occidental, among others.

Long-term NPS shareholder, Abdul Aziz
Al Dolaimi, serves as the Chairman of the
company. NPS also has an experienced and
well-respected management team, led by
CEO Adnan Ghabris, who has more than
25 years’ international experience in the oil
and gas industry.

Corporate Governance

Value Creation

Fajr Capital has a significant minority stake
in NPS alongside APICORP, Waha Capital
and other Gulf Cooperation Councilbased institutional investors. Fajr Capital is
represented on the NPS Board of Directors,
as well as the Audit and Risk Committee and
HR Committee, by CEO Iqbal Khan.

Fajr Capital completed its investment in NPS
in Q2 of 2014. Following recent expansion
in Algeria, Oman and Turkmenistan, NPS is
well-positioned to grow its geographic reach
and provide tailored services and solutions
to the global oil and gas industry.

Together with the consortium partners,
Fajr Capital will leverage the shareholders’
business resources, including industry
knowledge, global networks, and specialist
expertise, to support the continued growth
of NPS and enhance service offering to the
company’s customers.
Fajr Capital has already supported NPS to
complete a USD200 million refinancing
arrangement with APICORP, HSBC, Emirates
NBD and Al Hilal Bank. In line with its five
year growth strategy, NPS will use the
refinancing to repay the company’s existing
senior debt and working capital facilities, and
to support long term equipment purchases
over the next three years.

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Tamar Energy

Key Facts
www.tamar-energy.com

Business: Renewable energy through
anaerobic digestion
Launch: February 2012
Headquarters: London, United Kingdom

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Shareholders: RIT Capital Partners plc, Fajr
Capital, Duchy of Cornwall, Lord Rothschild’s
Family Interests, Sainsbury’s, Ludgate
Environment Fund and others

Company Overview
Tamar Energy was formed in 2011 and raised
USD 157m of equity in 2012. The company
focuses on processing organic waste in the
UK and Ireland, primarily through anaerobic
digestion (AD) to produce bio-methane and
electricity.
In late 2012, Tamar Energy purchased the
organics business of Countrystyle Limited,
which was subsequently re-structured as
Tamar Organics and is a wholly owned
subsidiary of Tamar Energy. The acquisition
brought six IVC/open-windrow composting
sites plus access to potential AD sites with
planning permission.

Investment Rationale
Tamar Energy produces renewable energy
from three main sources of feedstock –
organic waste from the food processing
industry; agricultural sources; and ‘postconsumer’ organic waste, broken down into
municipal, household waste and waste from
industrial and commercial sources such as
hotels, supermarkets, schools and hospitals.
With a strong and growing network of five
AD plants, Tamar Energy is establishing
itself as a clear UK market leader in the AD
sector whilst making a positive contribution
towards a sustainable planet.

Corporate Governance
Fajr Capital manages its investment in Tamar
Energy through four seats on Tamar Energy’s
Board of Directors, represented by Sir Michael
Peat, Rizwan Kherati, Mansoor Shakil and
Ben Sautelle-Smith, and representation on
the Investment Committee, HR Committee
and the Audit and Risk Committee

Tamar Energy’s senior management has
significant experience in renewable energy,
led by its CEO Dean Hislop. The company
aims to be the employer of choice in its
sector – giving employees an optimal career
structure, success-linked rewards and high
quality training.

Value Creation
Fajr Capital is continuing to support Tamar
Energy fulfil its vision to become the UK’s
clear market leader in the AD sector. The
company entered 2015 with five AD plants:
• Holbeach (1.5 MW), which is
operational;
• Basingstoke (1.5 MW), which is
operational;

• Retford (3 MW), which is operational;
• Halstead (2 MW), which is operational;
and
• Hoddesdon (3 MW), which is in
commissioning.
A number of other sites with planning
approval are in advanced stages of
development.
In early 2015, Tamar Energy secured a
landmark £32 million non-recourse project
finance facility, the first such financing
facility in the UK AD industry. The new
financing facility will be used to build the
next wave of AD plants from Tamar Energy’s
development pipeline.

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27

Fajr Capital
Foundation

The establishment of Fajr Capital Foundation
(“the Foundation”) marked a significant
milestone for Fajr Capital, providing the
company with a platform to develop
innovative and sustainable models for
economic development within the OIC
region.

• Democratisation of wealth
Seed capitalisation of selected
economic development projects in
conjunction with relevant partners,
whether to pioneer a new model or
transfer a successful model into a new
market;

The stated objectives of the Foundation
are broadly defined in order to provide the
Foundation considerable flexibility in the
design and implementation of its activities.

• Democratisation of philanthropy
Facilitating poverty alleviation
initiatives and enabling the exchange
of philanthropic best practises between
the East and West.

Specifically, the Foundation focuses on
meeting the following objectives:
• Democratisation of knowledge
Supporting the development of
human and knowledge capital in the
developing world, with a specific focus
on Fajr Capital Group’s core markets;

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Fajr Capital is committed to enabling and
empowering the Foundation to advance
the company’s long-term vision.

Social
Responsibility

Global partnerships
to spread economic
innovation

Innovative thinking
in today’s dynamic
world

Stakeholder
engagement to unlock
regional potential

Fajr Capital believes in
building strong alliances with
international organisations
to facilitate the spread of
economic innovation across
our constituent markets.

Fajr Capital partners with
digital and traditional
media to disseminate
thought-leadership and
promote the values and
ideals that underpin both
Fajr Capital and the ethical
investment ecosystem.

Fajr Capital works closely with
industry-building institutions
to empower grassroots
economic development and
unlock the true potential of
the OIC region.

• World Bank
Signed Memorandum of
Understanding with the
World Bank to facilitate
international efforts to
nurture ethical finance
and socially responsible
investing
• Organisation of Islamic
Cooperation
Produced and
disseminated a series
of infographic data
with the OIC’s research
arm, SESRIC, around
socio-economic trends in
Muslim-majority markets.
• United Nations
Fajr Capital Advisors
mandated by the
International Fund for
Agricultural Development
and World Humanitarian
Summit to provide
strategic advice on
Islamic finance and OIC
markets.

• Thomson Reuters
Showcased as a leading
private equity investor
in Thomson Reuters’
“State of the Global
Islamic Economy”
and “Global Islamic
Investment Gateway”
reports.
• Digital Engagement
Exponential growth
in followers on social
media platforms such
as Twitter and LinkedIn,
as well as the launch
of the company’s
YouTube channel with
thought-leadership
videos.
• Media
Regular coverage of
Fajr Capital and its
portfolio companies
in global publications
such as the Finanical
Times and Bloomberg.

• UK Government
Fajr Capital invited by the
British Prime Minister to
join the UK Government’s
Global Islamic Finance
and Investment Group.
Inaugural meeting was
held at the Foreign and
Commonwealth Office,
Lancaster House, London.
• World Economic Forum
Invited to join the World
Economic Forum as
a “Global Growth
Company”, alongside
high-profile regional and
international firms.
• Securities Commission
Malaysia
Invited to present at the
OCIS-SC Roundtable,
and provide continued
support on innovative
ideas such as crowdfund
investing and social
responsibility sukuk.

Capacity building for
tomorrow’s leaders
Fajr Capital is committed to
partnering with world-class
academic institutions and
supporting the development
of research, innovation and
human capital development.
• Oxford University
Partner institution for
the 2014-15 Islamic
Finance and Investment
Seminars, with guest
speakers such as Lord
Stephen Green, Tan Sri
Dato’ Azman bin Hj.
Mokhtar, and Ann Pettifor
• International Centre
for Education in Islamic
Finance (INCEIF)
Special sessions at the
10th and 11th World
Islamic Economic
Forum with INCEIF on
entrepreneurship and
impact investment
• London School of
Economics
Partner institution
for the inaugural
Islamic Finance and
Investment Seminars,
which culminated with a
prestigious reception at
the House of Commons,
UK Parliament.

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29

Fajr Capital Limited
Dubai International Financial Centre
Gate Village 5, Level 3
PO Box 506738
Dubai, United Arab Emirates
T: +971 4 373 5900
F +971 4 327 8874
www.fajrcapital.com