EFront, the leading software solutions provider for the financial industry, today announced that Anfaal Capital has selected eFront's FrontInvest Alternatives to support its alternative investments operations.
FrontInvest Alternatives is the global frontrunner in alternative asset management platforms.
Anfaal Capitalis an investment manager founded in May 2010. It was formed by the collaborative efforts of a group of shareholders led by the Islamic Corporation for the Development of the Private Sector ("ICD"), part of the Islamic Development Bank ("IDB") Group, the single largest shareholder. Other shareholders include Maybank Investment Bank Berhad ("Maybank-IB"), the investment banking arm of the Malayan Banking Group of Malaysia; Alnmo Real Estate Company, an entity which is controlled by Saudi's prominent Bin Mahfouz family, and other private investors.
Anfaal Capital is licensed by the Capital Market Authority of Saudi Arabia and the Saudi Arabian General Investment Authority.
Anfaal Capital's decision to choose FrontInvest once again demonstrates eFront's unique ability to live up to private equity managers' expectations by providing a front-to-back solution in support of their growth strategy. Anfaal Capital required a scalable solution covering CRM, document management, portfolio management and investor reporting.
"eFront's Web-based solution will allow the organization to grow while keeping best practices and continuing our tradition of exceeding both the promises we make and the expectations placed upon us," said Mohammad Fadaili, Chief Executive Officer, Anfaal Capital. "We have chosen eFront also for the scalability of its solution and the variety of functionalities it offers."
Mr. Tarek Chouman, Managing Director, Middle East and Asia, eFront, comments: "We are happy to welcome Anfaal Capital among our growing client base in the region. A new client in Saudi Arabia confirms our willingness to consolidate our leadership position by providing Saudi Arabia's private equity and real estate players with advanced alternative assets solutions. It also shows how eFront's presence is growing in the Middle East, as well as our ability to address the market's needs, in particular the specific needs of Islamic finance. Indeed, FrontInvest can meet all business complexities, from the largest investor to the newest general partner, and Anfaal's decision confirms a trend we pointed out during the last financial crisis: it is worthwhile to be equipped with a dedicated and scalable solution even before the first investment is made. Our growth is built on our success, which is a result of our clients' satisfaction."