Fajr-Capital-Profile-June-2014

Creating enduring value for our shareholders
and the communities we serve
June 2014

Bank Islam
Brunei Darussalam 18
MENA Infrastructure 20
National Petroleum Services 22
Tamar Energy 24
Fajr Capital Advisors 26
Table of Contents
Fajr Capital Overview 4
Our OIC Footprint 6
Timeline 8
Select Portfolio Companies
Board of Directors 10
Shari’a Advisory Board 13
Management Team 14
Fajr Capital May 2014 | 3

Mandate
Headquartered in the Dubai International Financial
Centre, Fajr Capital is a sovereign-backed investment
firm with a focus on financial services and broader
strategic sectors in high-growth Organisation of
Islamic Cooperation (OIC) markets.
Investment approach
Key Muslim majority 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 investors, customers,
employees and local communities.
Corporate Governance
Fajr Capital’s Board of Directors, chaired by Adib
AlZamil from the Zamil Group, comprises of senior
global economic and business leaders. The firm’s
management team is led by seasoned investment
and financial services professionals, with a proven
track record and unparalleled expertise.
Capital Base
USD 712m in committed capital with access to
additional capital through co-investment.
Key Shareholders
Abu Dhabi Investment Council
Government of Brunei Darussalam Consortium
HSBC Investment Bank
Khazanah Nasional Berhad
Lembaga Tabung Haji
Mohammed Alsubeaei & Sons Investments Company
Select Portfolio Companies
Bank Islam Brunei Darussalam
MENA Infrastructure
National Petroleum Services
Tamar Energy Limited
Fajr Capital Advisors
Fajr Capital Overview
Fajr Capital is an
ethical investor,
focused on creating
enduring value for
its shareholders,
customers,
employees and
constituent
communities
4 | Fajr Capital May 2014

Our OIC Footprint
700m+
USD
in committed capital
7
unique
+ premium
institutional
shareholders
5
strategic,
long-term
investments
10+
Portfolio
companies
operating in
key OIC
markets
3000
people
Together with our
portfolio companies,
employing over

1
Mandated by the IDB
and IFSB to develop
the growth strategy
for the global Islamic
financial services
industry
high-
growth
and
strategic
sectors
5
50+
Featured in
global publications
including The
Economist,
Financial Times,
Bloomberg and
Reuters
Global awards.
Recognised as
the “Best Islamic
Private Equity
House” by The
Asset Magazine
and Islamic
Finance News
2

Timeline: Key Highlights
2009 2010 2011
Fajr Capital
officially launches
with funding of
over USD 700m
and access to
further capital
Fajr Capital acquires
an additional stake in
BIBD Group. Team of
Fajr Capital executives
already in place in
Brunei
Fajr Capital
recognised
as the “Best
Islamic
Private Equity
House” by
Islamic
Finance
News
Fajr Capital acquires
a substantial
minority stake in
BIBD Group, marking
the company’s
inaugural investment
BIBD’s
Three Year
Full Potential
Plan approved
by the BIBD
Board of
Directors and
ratified by Fajr
Capital Board

2012 2013 2014
Fajr Capital
acquires a
minority stake in
the USD 300m
Dubai-based
specialist asset
manager MENA
Infrastructure
MENA
Infrastructure
Fund acquires
a 20%
shareholding
in the
Muscat-
listed Sohar
Power
Company
Fajr Capital
acquires an
additional
stake in BIBD
Group
A consortium
of investors
led by Fajr
Capital acquires
the Dubai-
headquartered
oilfield services
company
National
Petroleum
Services
Investment in
Tamar Energy,
a pioneering
UK-based
renewable
energy
company
Fajr Capital and
World Bank sign
Memorandum of
Understanding
Launch
of Fajr
Capital
Advisors
Fajr Capital
acquires an
an additional
stake in BIBD
Group

Board of Directors
Adib AlZamil
Chairman 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.
Abdulaziz Alsubeaei
Director of the Board
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.
Nasser Alsubeaei
Nasser Mohammed Alsubeaei is Chairman of Mohammed Alsubeaei & Sons Investment
Company (MASIC) and Managing Director of 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).
Khalid Al-Sweilem
Independent Director of the Board
Dr. Khalid Al-Sweilem serves as an independent director on the Fajr Capital Board of
Directors. He is Counsellor & Director General of Investment at the Saudi Arabian Monetary
Agency (SAMA), where he has held different positions since 1991. He also serves on the
Fajr Capital Board of Directors, as well as on the boards or committees of several other
investment and finance related institutions. Dr. Al-Sweilem holds degrees from 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).
10 | Fajr Capital Annual Report 2013

Iqbal Khan
CEO, Fajr Capital
Iqbal Ahmad Khan serves as Chief Executive Officer of Fajr Capital. He is also a member
of the Board of Directors of Bank Islam Brunei Darussalam, Jadwa Investment and MENA
Infrastructure. Previously, he was founding CEO of HSBC Amanah, the global Islamic
financial services division of the HSBC Group. He is a long-time advocate of the Islamic
financial services industry, serving as an advisor to government initiatives in the UK, UAE,
and Malaysia. Mr. Khan has a Master’s degree in Political Science and International
Relations from Aligarh Muslim University, an Advanced Management qualification from
INSEAD and a professional qualification from NASD, New York. He is the 2012 recipient
of The Royal Award of Islamic Finance by HM the King of Malaysia, and was recognized
for his “Outstanding Contribution to Islamic Finance” by Euromoney in 2006.
Mohd Izani Ghani
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 a Non-Executive Non-Independent
Director of Bank Muamalat Malaysia Berhad and Malaysia Airports Holdings Berhad.
At Khazanah, he 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.
Atilla Kurama
Chairman, Audit and Risk Committee of the Board
Chairman, Fajr Capital Advisors
M. Atilla Kurama is President of the Financial Services Group of Yildiz Holding, 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.
Fajr Capital Annual Report 2013 | 11

Board of Directors
Junaidi Masri
Junaidi Hj Masri serves on the Fajr Capital Board of Directors as a representative of the
Government of Brunei Darussalam. He is currently Assistant 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.
Mike Powell
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.
Chris Masterson
Chairman of the Investment Committee of the Company
Chris Masterson is the Chairman of Montagu Private Equity, a leading private equity investor
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. 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.
12 | Fajr Capital Annual Report 2013

Shaykh Dr Mohamed Ali Elgari
Professor of Islamic Economics at King Abdul Aziz
University
Independent member of the Shari’a Advisory 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
Sharià Boards of various high-profile Islamic finance
institutions and Takaful companies, including the Dow
Jones International Islamic Fund Market. He also sits
on the Sharià 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.
Ustadh Taha Abdul-Basser
Managing Partner, StraightWay Ethical Advisory
Taha Abdul-Basser is an independent scholar of Islamic
ethics and law who has provided comprehensive Sharià
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.
Shari’a Advisory Board
Shaykh Essam Ishaq
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.

Management Team
Rizwan Kherati
Managing Director and CFO
Rizwan Ullah Kherati focuses on corporate
and investment operations and serves
as 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.
Mubashar Khokhar
Managing Director
Mubashar Khokhar focuses on Islamic
financial services at Fajr Capital. He is a
seasoned financial services expert 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.
Iqbal Khan
CEO
Iqbal Ahmad Khan serves as Chief
Executive Officer of Fajr Capital. He is
also a member of the Board of Directors
of Bank Islam Brunei Darussalam, Jadwa
Investment and MENA Infrastructure.
Previously, he was founding CEO of HSBC
Amanah, the global Islamic financial services division
of the HSBC Group. He is a long-time advocate of the
Islamic financial services industry, serving as an advisor
to government initiatives in the UK, UAE, and Malaysia.
Mr. Khan has a Master’s degree in Political Science and
International Relations from Aligarh Muslim University,
an Advanced Management qualification from INSEAD
and a professional qualification from NASD, New York.
He is the 2012 recipient of The Royal Award of Islamic
Finance by HM the King of Malaysia, and was recognized
for his “Outstanding Contribution to Islamic Finance” by
Euromoney in 2006.
Javed Ahmad
Managing Director*
Javed Ahmad serves as a Managing
Director at Fajr Capital and 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.
*On secondment to Bank Islam Brunei Darussalam

Aamir A. Rehman
Managing Director, Fajr Capital Advisors
Aamir Abdul Rehman is Managing Director
of Fajr Capital Advisors, a specialist
advisory firm focused on key Organisation
of Islamic Cooperation (OIC) markets. The
firm advises governments, multi-lateral
bodies, and private investors on matters
pertaining to public policy, investment flows, and Islamic
finance. 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
(McGraw-Hill 2009). He holds bachelor’s and master’s
degrees from Harvard University, and an MBA from the
Harvard Business School.
Asad Zafar
Managing Director
Asad Zafar focuses on principal
investments at Fajr Capital, and serves
on the Board of Directors of MENA
Infrastructure. He was previously
Managing Director, Corporate Finance
Advisory at Deloitte, Middle East. Prior
to Deloitte, Mr. Zafar established the Qatari investment
firm and government–related entity Al Rayan Investment,
serving as CEO and Board Member. In a wide ranging
international investment banking career, has also held
senior roles at leading institutions such as CIBC, Bank of
America and HSBC in North America, Europe, the Middle
East and Southeast Asia. He has particular depth in Islamic
financial services (having set up Bank of America’s Islamic
financial services unit in 1999 and assisted in Arcapita’s
early development) and the oil, gas and mining industries.
He has a Bachelor’s in Accounting and a BBA in Finance
from the University of Texas, Austin. He is also a Certified
Public Accountant.
Azmat Ashraf
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.
Tom Hodgson
Director
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).

Mohammed Atif Mahmood
Director
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
Director*
Imran Samee brings a wealth of
experience in consumer banking to Fajr
Capital and BIBD, 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.
Zahid Kamal
Director and Head of Legal and Corporate Affairs
Zahid Kamal is Head of Legal and
Corporate Affairs at Fajr Capital. 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 has been in
the legal profession for ten years, eight
years of which as an English qualified solicitor. He has
experience in UK and MENA public and private company
transactions, including M&A, public takeovers, IPOs,
secondary offerings, restructurings and joint ventures.
Gyorgy Ladics
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.secretary and internal auditor.
Management Team

Mansoor Shakil
Director
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.
Sabri Ulus
Director*
Sabri Ulus serves as Head of Treasury
and Markets at BIBD. He has a decade
of experience in Islamic financial
services with a focus on treasury and risk
management in global markets. Prior
to joining Fajr Capital, he was Head of
Treasury at Turkiye Finans Katilim Bankasi in Istanbul,
Turkey. He earlier served as Islamic Finance Director at
UBS AG London, where he was responsible for structuring
award-winning sukuk and other Islamic solutions for
institutional, corporate and private clients. Prior to that, he
was a treasury and risk management specialist at HSBC
Amanah, the Islamic financial services division of the
HSBC Group. Mr. Ulus holds an undergraduate degree in
Accountancy, Economics, Public Management, Statistics
and Commercial Law from Selcuk University in Turkey.
Hak Yeung
Director*
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.

Select Portfolio Companies:
Bank Islam Brunei Darussalam
Overview
Headquartered in Bandar Seri Begawan, Bank Islam Brunei
Darussalam (BIBD) is Brunei’s largest bank and flagship
Islamic financial institution. With 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.
BIBD provides a wide array of Islamic financial services to
all customer segments. Consumer banking contributes the
majority of the bank’s revenue, with corporate banking
and institutional banking also contributing towards the
institution’s growth. 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,
which 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.
BIBD was formed by the 2005 merger of two earlier local
Islamic financial institutions, Islamic Bank of Brunei and
IslamicDevelopmentBankofBrunei,andbeganoperations
in 2006. With majority government shareholding, ths
bank is committed to Brunei Darussalam’s National Vision
2035 of attaining developed nation status.
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 is deeply committed to its partnership with
BIBD and Brunei Darussalam.
In 2013, the bank recorded an overall profit before zakat
and tax of USD 113.5m and maintained its position as
the Brunei’s leading financial services institution.
2013 also saw BIBD launch its dynamic new brand:
“Bruneian at Heart”. The bank’s new corporate image
focuses on its uniquely Bruneian values and illustrates
BIBD’s long-standing commitment to social responsibility.
BIBD also won a series of awards in 2013, demonstrating
the bank’s progress over the last few years as one of the
leading Islamic financial institutions not only in Brunei
Darussalam, but across the OIC region:
• “The World’s Best Islamic Financial Institutions
2013 for Brunei” by Global Finance Magazine
• “Best Retail Bank in Brunei” by Asian Banker
• “Best Online Banking Initiative in Brunei” by
Asian Banking & Finance Retail Banking Awards
• “Best Commercial Bank 2013 for Brunei” by
World Finance Banking Awards
• “Social Service Award” by Asia Pacific Enterprise
Leadership Awards

Key Facts
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
Subsidiaries: BIBD At-Tamwil, BIBD Securities,
Syarikat Takaful Brunei Darussalam (affiliate)
Head office: Bandar Seri Begawan, Brunei
Darussalam
Employees: 700+
Website: www.bibd.com.bn

MENA Infrastructure
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 invests in companies which own
infrastructure assets with long economic lives and
generatestablelong-termrevenues.MENAInfrastructure’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.
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.
MENA Infrastructure is managed by a dedicated team
of investment professionals with significant experience
in the finance, infrastructure and energy sectors, led by
CEO Mark Lemmon.
FajrCapitalmanagesitsinvestmentinMENAInfrastructure
through representation on the MENA Infrastructure Board
of Directors by the firm’s CEO Iqbal Khan and Managing
Director Asad Zafar.
Value Creation
MENA Infrastructure Fund’s four investments to date
remain strong, stable projects in key markets:
• Alexandria International Container Terminals
runs terminals in Egypt’s two main commercial
ports, Alexandria and Dekheila, in partnership
with international operator Hutchinson Port
Holdings.
• United Power Company runs a 270 megawatt
power plant in Manah, Oman, and is the
region’s first independent power project with
private sector participation.
• Hajr Electricity Production Company
(Qurayyah IPP) runs a 3,927 megawatt power
plant under construction in Qurayyah, Saudi
Arabia and is the largest combined cycle gas
fired power plant project in the region.
• Sohar Power Company SAOG owns and
operates the Sohar Independent Water and
Power Project (IWPP) in the Sohar Industrial
Port area of Oman. Sohar IWPP has 585 MW
of combined-cycle gas-fired power generation
and 150,000 m³ of water desalination
capacity.
With the first fund now almost fully invested, Fajr Capital
is working alongside the other GP sponsors and the
management team to raise a USD 500m second fund
targeting the high growth infrastructure sector in the
MENA region and Turkey.

Key Facts
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
Portfolio: Alexandria International Container
Terminals, United Power Company, Hajr Electricity
Production Company, and Sohar Power Company
SAOG
Location: Dubai, United Arab Emirates
Web site: www.menainfrastructure.com

National Petroleum Services
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
service companies, with approximately 1,300 employees
operating in key MENA and ASEAN markets, including
Saudi Arabia, Iraq, Qatar, United Arab Emirates, Brunei
Darussalam, Malaysia and North Africa.
NPS’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. The company 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.
Fajr Capital has a significant minority stake in NPS,
alongside APICORP and other Gulf Cooperation Council-
based institutional investors.
Long-term NPS shareholder, Abdul Aziz Al Dolaimi,
serves as the Chairman of the company. NPS is led by
an experienced and well-respected management team,
including CEO Adnan Ghabris, who has more than 25
years’ international experience in the oil and gas industry.
Value Creation
Fajr Capital signed an agreement to acquire 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 our partners, Fajr Capital will leverage
the shareholders’ business resources, including industry
knowledge, global networks, and specialist expertise, to
support the continued growth of NPS, diversify NPS’s
service offering and improve service quality for its key
customer base.

Key Facts
Business: Oilfield services company
Founded: 2004
Shareholders: Arab Petroleum Investments
Corporation (APICORP), Fajr Capital, and other
regional institutional investors
Headquarters: Dubai, United Arab Emirates
Employees: Approximately 1,300
Website: www.npsintl.com

Tamar Energy
Overview
Tamar Energy was formed in 2011 and raised USD
157m of equity in spring 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.
By 2015, it is expected that Tamar Energy will have
commissioned a network of five AD plants, which will
enable it to become a clear market leader in the AD
sector in the UK. By doing so, Tamar Energy will also
establish itself as the counterparty of choice for major
waste management companies and increase its ability
to secure favourable terms for the long-term supply of
feedstock.
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. Fajr Capital also has
representation on Tamar Energy’s Advisory Board by
Fajr Capital CEO Iqbal Khan.
Tamar Energy’s senior management has significant
experience in renewable energy, led by its CEO William
Heller. 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
Tamar Energy has three operational AD plants:
• Holbeach (1.5 MW)
• Basingstoke (1.5 MW)
• Retford (3 MW)
The company currently has two plants in construction:
• Halstead (2 MW), which will start generating
electricity in June 2014
• Hoddesdon (3 MW), which is in the early
stages of construction and will start producing
electricity by early 2015
A number of other sites with planning approval are in
advanced stages of development.

Key Facts
Business: Renewable energy through anaerobic
digestion
Launch: February 2012
Shareholders: RIT Capital Partners plc, Fajr
Capital, Duchy of Cornwall, Lord Rothschild’s
Family Interests, Sainsbury’s, Ludgate Environment
Fund and others
Location: London, United Kingdom
Website: www.tamar-energy.com

Fajr Capital Advisors
Overview
Fajr Capital Advisors Limited (FCA) is a specialist advisory
firm, which is regulated by the Dubai Financial Services
Authority and owned by Fajr Capital Limited.
FCA’s service offering leverages the firm’s close familiarity
with and connectivity in Muslim majority markets. Key
services include:
• Financial services advisory: FCA works with
financial institutions, governments and multilateral
institutions to design and implement Islamic
financial services strategies—including advice
on the business model, corporate governance,
regulatory supervision, product development,
operations and technology, organisation design
and capital raising.
• Strategic advisory: FCA advises institutional clients
on strategy, specializing on investment, organic
and inorganic growth opportunities that link key
economies of the OIC region.
• Arrangements: FCA arranges and advises on
investments in key Muslim markets, specializing in
transactions and partnerships that foster capital
flows between countries and regions.
Atilla Kurama serves as the independent Chairman of
FCA. Fajr Capital is represented on the Board of FCA by
Iqbal Khan, Rizwan Kherati and Aamir Rehman.
The senior team members of FCA have worked with a
broad range of public and private sector institutions in
both OECD and emerging markets, including Bahrain,
Brunei Darussalam, Saudi Arabia, Malaysia, Pakistan,
the United Arab Emirates, the United Kingdom and the
United States.
The accumulated experience of the FCA team, the Fajr
Capital Group and an international network of experts
yields local knowledge and cross-market insights for FCA’s
clients’ benefit.
2013 Highlights
FCA benefits from unique connectivity in key Muslim
markets, which translates to deeper partner relationships,
closer understanding of market trends and access to off-
market opportunities.
Some key achievements in 2013 include:
• Developing a strategy for the UN’s International
Fund for Agricultural Development to tap the
Islamic finance opportunity;
• Reviewing and updating the Islamic
Development Bank and Islamic Financial
Services Board’s Ten-Year Framework for the
development of the global Islamic financial
services industry;
• Framing an economic growth and job creation
agenda for a GCC-based provincial government;
and
• Launching a whitepaper to highlight the
potential of crowdfund investing to fuel the
development of a vibrant entrepreneurial
culture in Muslim majority markets.

Fajr Capital believes in building strong partnerships and alliances to
facilitate the spread of economic innovation across the OIC region.
The power of partnering with Fajr Capital has enabled the firm’s portfolio
companies to optimise operational performance; increase product and
technological innovation; enhance corporate governance; obtain access
to global management expertise; and expand into new markets.

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

Fajr-Capital-Profile-June-2014

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