Saudi company Aajil Capital, a sister company of industrial financing platform Aajil, has obtained a license from the Saudi Capital Market Authority to conduct investment management activities in securities business. The license bears number 26358-02 and was issued under a resolution of the Authority’s Board on June 22, 2026.
Obtaining the license does not mean that the company has begun its regulated activities; Aajil Capital said it will commence operations after completing the requirements for commencing activities specified by the Capital Market Authority. Any future offering of an investment fund will also require obtaining the necessary approvals or licenses from the Authority.
Targeting the Small and Medium-Sized Industrial Enterprises Sector
The company intends to provide investment management services compliant with the principles of Islamic Sharia, enabling investors to gain exposure to the small and medium-sized industrial enterprises sector in the Kingdom. The company says this sector is one of the priority sectors under Saudi Vision 2030 and the National Industrial Strategy, but has remained difficult for investors to access at scale.
According to the figures included in the announcement, the value of construction plans in Saudi Arabia exceeds $1.7 trillion, while the Kingdom is targeting 36,000 factories by 2035, compared with approximately 12,000 factories currently. The announcement also indicates that small and medium-sized enterprises receive only around 9% of bank credit, compared with a target of 20% under Vision 2030.
What Changes in Practice?
Aajil Capital is seeking to build its investment strategy on the infrastructure developed by its sister platform, Aajil. Aajil provides raw materials to industrial enterprises on deferred-payment terms: it purchases the materials and pays suppliers directly, after which the enterprise pays for the materials over an agreed period and under terms compliant with Sharia and aligned with its cash-flow cycle.
Aajil says the platform, which relies on artificial intelligence, supplied manufacturers, contractors and traders across Saudi Arabia with materials worth 600 million Saudi riyals, or approximately $160 million, through August 31, 2026. The company adds that each transaction provides data on the enterprises that meet their obligations, payment terms and the businesses associated with them. Aajil Capital describes this data as the foundation of the infrastructure for sourcing investment opportunities.
From an editorial perspective, the importance of the move lies in transferring supply-chain financing data and transactions to a company licensed to manage investments, rather than limiting the provision of operating finance to enterprises. However, the practical impact remains deferred until the requirements for commencing operations are completed, while the nature of the investment products, the targeted amount of funds and any potential fund have not yet been announced.
Management and Next Steps
Abdullah Sheikh heads Aajil Capital, while Faisal Chowdhury serves as chief executive officer and chief investment officer. According to the announcement, Chowdhury spent 16 years at Goldman Sachs, where he held responsibilities related to due diligence in consumer financial services and small and medium-sized enterprise services transactions, in addition to compliance-risk responsibilities for the bank’s Marcus platform in the United Kingdom.
The company’s board of directors comprises Abdullah Sheikh, Ehsan Jawad and Abdulilah Al-Saleh. Aajil Capital will issue subsequent announcements regarding the commencement of activities, while the provision of any regulated investment service or the offering of a fund remains conditional on completing the Capital Market Authority’s requirements and obtaining the required approvals.