Dubai-listed Watania International Holding (WIH), a leading investment holding company overseeing a portfolio of established takaful providers and innovative investments, has appointed Al Ramz Capital as liquidity provider.
Following regulatory approvals, Al Ramz will commence independent trading of Watania International Holding shares within specified parameters and in adherence to regulatory guidelines starting 15 August 2024.
Al Ramz is a licensed market maker on the Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX) with more than 25 years of experience in UAE capital markets. It will play a key role in optimising share trading by enriching the order book, minimising trading spreads, and reducing price volatility while augmenting trading volume to reduce the intrinsic value gap.
Mr Gautam Datta, CEO of WIH, said, “This appointment is underpinned by our strategic focus to maintain the growth in the financial and operational performance. It also aligns with our ongoing drive to strengthen WIH’s market positioning and investor confidence by fostering a dynamic and transparent trading environment. Al Ramz will actively enhance the quality of the trading process by providing competitive two-way prices and volume quotes, thus encouraging greater participation in the trading of our publicly listed shares on the Dubai Financial Market.”
Mr Karim Schoeib, CEO of Al Ramz Capital, said, “Al Ramz will diligently facilitate a healthy order book, fostering optimal trading conditions and enhancing trading spreads.”
Al Ramz is widely recognised for its market-making services and has demonstrated a consistent ability to enhance liquidity provision by facilitating synergistic relationships within distinct markets, says WIH in a statement. Since introducing its market-making and liquidity provision services, Al Ramz’s services are available on the Abu Dhabi Securities Exchange, the Dubai Financial Markets, and the Nasdaq Dubai.
Al Ramz
Founded in 1998, AI Ramz is a UAE-domiciled public joint stock company listed on the Dubai Financial Market and regulated by the UAE Securities and Commodities Authority and the Dubai Financial Services Authority. Al Ramz provides a broad spectrum of services including asset management, corporate finance, brokerage, security margins, market making, liquidity providing, public offering management, and financial research.
Watania International Holding (WIH)
In 2020, Dar Al Takaful acquired Noor Takaful and in July 2022, the National Takaful Company (Watania) merged with Dar Al Takaful to create one of the largest Takaful entities in the UAE. In March 2023, the name of the holding company, Dar Al Takaful, was changed to Watania International Holding and its insurance licence was cancelled as it became an investment holding company that aims to expand its footprint through Shariah-compliant investments in the takaful and Islamic finance sectors.
WIH is the sole shareholder of two operating companies: Watania Takaful General (previously Noor Takaful General) and Watania Takaful Family (previously Noor Takaful Family).