Riyadh, Raidah Investment Company (RIC), the investment arm of the Public Pension Agency, announced that it has recently joined the International Securities Lending Association (ISLA), as the first Saudi asset management institution to join the association, and the second Saudi establishment after the Securities Depository Center (Edaa).
The CEO of RIC, Ali Al-Mansour, explained that the company joining to ISLA is a result of its efforts to implement global standards related to investment products and related administrative processes, in addition to creating a sustainable investment environment aimed at enabling knowledge growth and continuous cooperation with local and international institutions in achieving the desired goals for the development of the investment sector in Saudi Arabia.
Al-Mansour also added that RIC follows a clear approach to deal with financial service providers, according to which service providers are subject to strict standards in the Due Diligence stage, which include reviewing the technology and governance infrastructure of these financial institutions.
It is noteworthy that ISLA is an international association established in 1989 and includes the largest and oldest investment and financial organizations to represent the common interests of participants in securities lending and works closely with regulators around the world. Its activities include markets and prudential regulatory systems in addition to protecting investors.
Source: Saudi Press Agency