SICO Bank

What SICO Bank does

SICO BSC (c) is a wholesale bank licensed by the Central Bank of Bahrain and operates as a regional asset manager, broker, market maker, and investment bank headquartered in Manama, Bahrain. Founded in 1994 and listed on the Bahrain Bourse under the ticker SICO, the firm manages approximately USD 7.9 billion in assets under management (USD 8.3 billion as of Q1 2026) and has been Bahrain's number-one broker for 27 consecutive years with 82% market share on the Bahrain Bourse. SICO operates through wholly-owned subsidiaries including SICO Capital in Saudi Arabia (licensed by the Capital Market Authority), SICO Invest in Abu Dhabi (a brokerage firm serving as market maker on the Dubai Financial Market and Abu Dhabi Securities Exchange), SICO Fund Services Company (a specialized regional custody and fund administration house), and the SICO LIVE digital trading platform.

The firm serves institutional investors, sovereign wealth funds, family offices, and private banks across the GCC with a comprehensive suite of financial solutions organized into five core business lines: asset management (equity, fixed income, and real estate mutual funds including Khaleej Equity Fund, SICO Gulf Equity Fund, SICO Kingdom Equity Fund, Bahrain Liquidity Fund, and the Elzaad Sukuk Fund), brokerage (delivered through the SICO LIVE multi-market platform and SICO Global for US/European markets), investment banking (IPOs, M&A advisory, debt restructuring), market making (pioneer status on the Bahrain Bourse and accredited liquidity provider on DFM and ADX), and securities services (custody, fund administration, registrar and transfer agent services). Its technology backbone combines the proprietary SICO LIVE trading platform and the SICO Research Portal (covering over 90% of major listed GCC companies) with Bloomberg AIM for order management.

SICO's revenue model is a hybrid of recurring asset management fees on its USD 7.9B AUM base, transaction-based brokerage commissions, episodic investment banking advisory fees (notably the landmark Ma'aden-SIIC ALBA USD 1 billion share transaction), market making and liquidity provision income, and custody/fund administration managed service fees. Distribution is primarily direct via institutional relationship managers across Bahrain, Saudi Arabia, and the UAE, supplemented by strategic distribution partnerships (notably with AlBaraka Islamic Bank and Albilad Capital) and emerging digital channels via a 2025 MoU with Skyro UAE for retail access. The firm reported approximately USD 57.2 million in revenue and USD 14.6 million in consolidated net profit in 2024, with 2025 net profit flat year-on-year.

Name

SICO Bank

Legal name

SICO BSC (c)

Website

https://sicobank.com

Company type

Public

Founded year

1994

Operating status

Operating

Headcount range

101–250 employees

Short description

SICO Bank is a Bahrain-headquartered wholesale bank licensed by the Central Bank of Bahrain and listed on the Bahrain Bourse, operating as a regional asset manager, broker, market maker, and investment bank with USD 7.9 billion in AUM and direct presence in Bahrain, Saudi Arabia, and the UAE, serving institutional investors, sovereign wealth funds, family offices, and private banks across the GCC.

Ownership category

akta.pro rank

Product category

Wholesale Investment Banking & Asset Management

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Commercial Banks, Nec (6029)

akta.pro primary industry

Investment Management Advisory (RIA) (FSAEAAAB)

akta.pro secondary industries

Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG), Trust & Fiduciary Advisory for HNW/UHNW (Trust Structuring & Trustee Oversight) (FSAAABAF)

Keywords

• Asset management services
• Investment banking advisory
• Brokerage trading
• Market making liquidity
• Custody fund administration

Headquarters

HQ city

Manama

HQ country

Bahrain

HQ region

Middle East

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Asset Management Fees: Fees from managing mutual funds and discretionary portfolios across equity, fixed income, and real estate asset classes. SICO manages USD 7.9 billion in AUM.
2. Brokerage Commissions: Commissions from executing trades across regional markets. SICO is Bahrain's number one broker for 27 consecutive years with 82% market share on Bahrain Bourse.
3. Investment Banking Fees: Fees from IPOs, M&As, debt restructuring, and advisory services. SICO has captured the lion's share of Bahrain's large capital market transactions.
4. Market Making: Revenue from providing liquidity and market making services on Bahrain Bourse, Dubai Financial Market, and Abu Dhabi Securities Exchange.
5. Custody and Fund Administration: Fees from custody services, fund administration, registrar and transfer agent services, and middle office services through SICO Fund Services Company.
6. Research Subscriptions: Revenue from research portal subscriptions providing regional insights and analysis of more than 90% of major GCC equities.

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels13 records

Core offering

SICO is a wholesale bank providing asset management, brokerage, market making, investment banking advisory, treasury, custody, and fund administration services to institutional investors, sovereign wealth funds, family offices, and private banks across the GCC and MENA region. The bank manages USD 7.9 billion in assets under management across mutual funds and discretionary portfolios covering equity, fixed income, and real estate asset classes, and executes trades on regional and global markets through its proprietary SICO LIVE and SICO Global trading platforms.

Product overview

SICO Bank operates as a leading regional asset manager, broker, market maker, and investment bank with USD 7.9 billion in assets under management. The company offers a comprehensive suite of financial solutions organized around core business lines: Asset Management (managing equity, fixed income, and real estate funds including Khaleej Equity Fund, SICO Gulf Equity Fund, SICO Kingdom Equity Fund, Bahrain Liquidity Fund, and Elzaad Sukuk Fund), Brokerage (anchored by the SICO LIVE online trading platform with multi-market access), Investment Banking (covering IPOs, M&A, and debt), Market Making, Research (providing coverage of over 90% of major GCC equities), and Securities Services (custody, fund administration, and transfer agent). The SICO LIVE platform serves as the primary digital channel for retail and institutional trading, while the Research Portal provides country, sector, and company analysis. SICO Capital, the Saudi-based subsidiary, extends the group's capital markets capabilities into the Kingdom of Saudi Arabia.

Differentiator

Problem solved

Functional benefit

Brands

• SICO LIVE: Online trading platform offering secure multi-market access from a single account on desktop, laptop or mobile device, enabling institutional and retail clients to manage accounts and execute trades in real-time across regional markets.
• SICO Global
• SICO Capital
• SICO Fund Services Company (SFS)

Products and services

• SICO LIVE Online Trading Platform SICO LIVE is an online trading platform offering secure multi-market access from a single account on desktop, laptop, or mobile devices, enabling institutional and retail clients to manage accounts, access real-time portfolios, and directly execute trades across regional markets without needing a broker. Includes eKYC digital onboarding via BENEFIT and fractional bonds and sukuk trading.
• SICO Global Trading Platform SICO Global is a trading platform providing access to global markets in Europe and the US, complementing the regional market access offered through SICO LIVE.
• SICO Research Portal An interactive platform providing broad coverage of GCC equity markets with country, sector, and company reports, recommendations, product listings, and comparative financial data. The sell-side research team covers 90 percent of major listed GCC companies.
• Asset Management Services A leading boutique asset management division offering unique investment plays across equity, fixed income, and real estate asset classes for GCC and MENA mandates. Services include mutual funds and discretionary portfolios serving institutions, sovereign wealth funds, family offices, and private banks. Manages USD 7.9 billion in AUM.
• Brokerage Services Brokerage services where SICO has been Bahrain's number-one broker for 27 consecutive years with 82% market share on Bahrain Bourse, providing institutional and retail clients with regional experience and multi-market access supported by research, anchored by the SICO LIVE trading platform.
• Investment Banking Services Investment banking services covering IPOs, M&A advisory, debt restructuring, and equity and debt capital markets, ranking among the GCC's top investment banks and having captured the lion's share of Bahrain's large capital market transactions since inception.
• Market Making Services Market making services where SICO is the pioneer on the Bahraini Bourse and accredited market maker on Dubai Financial Market and Abu Dhabi Securities Exchange, providing liquidity via the Bahrain Liquidity Fund and positively impacting market volumes and investor confidence.
• Securities Services (Custody and Fund Administration) Comprehensive securities services provided through SICO Fund Services Company including custody services, fund administration, registrar and transfer agent services, middle office services, and corporate services for institutional clients across the region.
• Khaleej Equity Fund An equity fund managed by SICO offering investment exposure to the Gulf region for institutional and qualified investors.
• SICO Gulf Equity Fund An equity fund managed by SICO focused on Gulf markets for institutional and qualified investors.
• SICO Kingdom Equity Fund An equity fund managed by SICO focused on the Saudi Arabian market, which ended 2018 as the best performing Saudi fund in the region with an annual return of 23% versus 8.3% index return.
• Bahrain Liquidity Fund A fund managed by SICO to improve market liquidity on the Bahrain Bourse, contributing to increased average daily traded volumes (BD 800,000 average daily traded volume in 2021) and investor confidence. Concluded 2021 with 11.4% return.
• Elzaad Sukuk Fund A Shari'a-compliant sukuk fund launched in partnership with Wafra International Investment Company, with SICO as fund manager and Wafra as investment advisor, regulated by the Central Bank of Bahrain. Distributed to AlBaraka Islamic Bank's Premium Banking clients.
• SICO Capital (Saudi Capital Markets Services) SICO's Saudi-based wholly owned subsidiary, licensed by the Saudi Capital Market Authority (CMA), providing full-fledged capital markets services including asset management, brokerage, and investment banking in the Kingdom of Saudi Arabia.
• SICO Invest (UAE Brokerage) SICO's Abu Dhabi-based wholly owned brokerage subsidiary, serving as market maker and liquidity provider for Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX), extending SICO's regional execution footprint into the UAE.
• SICO GCC Dividends Fund An open-ended equity fund domiciled in Saudi Arabia targeting dividend-paying equities across the GCC region, offering both institutional class (SAR 10 million minimum) and retail class (SAR 10,000 minimum) with quarterly income and long-term capital growth objectives. Managed by SICO Capital with Albilad Capital as custodian.
• Fractional Bonds and Sukuk Trading International Bonds and Sukuk trading on the SICO LIVE platform with fractional ownership, reducing the minimum investment from USD 200,000 to USD 50,000, providing clients with broadened diversification opportunities in fixed income and Sharia-compliant instruments.
• SICO Research Mobile App A mobile application facilitating access to SICO's extensive GCC research portfolio of stocks with a seamless user experience, providing brokerage clients with on-the-go access to country, sector, and company-level research coverage of 90%+ of major listed GCC companies.

Quantifiable outcome

• Bahrain's number-one broker for 27 consecutive years with 82% market share
• +6 more outcomes

Named customers7 records

Segments6 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature6 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Skyro UAEcoreChannel Partner/ Reseller/ Distributor · 14 December 2025Skyro UAE and SICO signed a Memorandum of Understanding (MoU) during Abu Dhabi Finance Week 2025 to explore collaboration on providing retail clients with digital access to a range of investment products. The partnership aims to support the GCC's economic transformation by enhancing financial inclusion and expanding access to regulated investment products.
• AlBaraka Islamic BankcoreChannel Partner/ Reseller/ Distributor · 26 November 2025SICO signed a distribution agreement with AlBaraka Islamic Bank to offer the Elzaad Sukuk Fund to ABIB's Premium Banking clients. This strategic partnership aims to provide Shari'a-compliant returns through SICO's flagship sukuk fund, leveraging AlBaraka's client base.
• Flooss Bahrain B.S.C. (C)minorImplementation/ SI/ Consulting Partner · 8 October 2025SICO was appointed by Flooss Bahrain, Bahrain's first digital platform providing instant Sharia-compliant financing, to act as financial advisor and lead manager for a proposed securitization sukuk issuance of up to USD 10 million subject to CBB approval.
• Albilad CapitalcoreImplementation/ SI/ Consulting Partner · 18 June 2025Albilad Capital has been appointed as the custodian for the SICO GCC Dividends Fund. As the fund's custodian, Albilad Capital provides safekeeping and administrative services for the fund's assets in the Saudi market.
• Arab Authority for Agricultural Investment and Development (AAAID)minorStrategic or Co-development Partner · 2 June 2025SICO signed a Letter of Intent with AAAID to act as financial advisor supporting AAAID's strategic initiatives by identifying and sourcing direct investment opportunities within the agricultural and food security sectors.
• Beyon MoneyminorChannel Partner/ Reseller/ Distributor · 6 June 2023Beyon Money, part of the Beyon Group, partnered with SICO to launch Flexi Savings, a flexible investment product for Beyon Money customers. This was described as the first of its kind in Bahrain and the MENA region.
• Wafra International Investment CompanycoreStrategic or Co-development Partner · 22 October 2022SICO partnered with Wafra International Investment Company to launch the Elzaad Sukuk Fund. SICO acts as fund manager while Wafra serves as investment advisor, with the Central Bank of Bahrain as regulator. This partnership combines SICO's fund management capabilities with Wafra's investment advisory expertise.
• The BENEFIT CompanycoreTechnology or Integration · 5 July 2022SICO launched eKYC services for its SICO LIVE online trading platform in partnership with The BENEFIT Company. The partnership enables simplified digital onboarding using only two IDs and a selfie, revolutionizing the customer account opening experience.
• BloombergcoreTechnology or Integration · 15 September 2021Bloomberg announced that SICO adopted Bloomberg's Asset & Investment Manager (AIM) to increase efficiency and transparency across its order management workflow, supporting SICO's digital transformation journey.

Scale indicators9 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Gulf International Bank (GIB): GIB is a Saudi-headquartered wholesale bank with investment banking, asset management, brokerage, and treasury services across the GCC. It is the closest functional comparable to SICO's wholesale-bank-plus-IB-plus-asset-management model, though at materially larger scale.
• Kuwait Investment Company (KIC): KIC is one of Kuwait's largest investment companies, providing asset management, brokerage, investment banking, and corporate finance. It is comparable to SICO in scale and product mix, with a similar regional GCC footprint.
• Kamco Invest: Kamco Invest is a Kuwait-based regional investment bank offering asset management, brokerage, investment banking, and research with a similar mid-tier GCC footprint. Like SICO, it serves institutional and high-net-worth clients and competes for regional mandates.
• KFH Capital: KFH Capital is the investment arm of Kuwait Finance House, offering Shariah-compliant asset management, brokerage, and investment banking. It is comparable to SICO in mid-tier regional IB scale and competes for GCC mandates.
• SNB Capital (formerly NCB Capital): SNB Capital is the investment banking and asset management arm of Saudi National Bank, offering brokerage, IB advisory, asset management, and securities services in Saudi Arabia. It is the leading direct competitor to SICO Capital in the Kingdom.
• Arab Banking Corporation (ABC): ABC is a Bahrain-headquartered international bank with wholesale banking, investment banking, and asset management operations across MENA. It shares SICO's Bahrain base and wholesale-bank-plus-capital-markets business mix.

Broad incumbents

• Mashreq Capital: Mashreq Capital is the investment arm of Mashreq Bank, a UAE-headquartered bank with regional asset management and brokerage capabilities. It is a broader incumbent in UAE capital markets and comparable to SICO's UAE brokerage and asset management lines.
• Al Rajhi Capital: Al Rajhi Capital is the investment arm of Al Rajhi Bank, one of the largest Islamic banks in the world, offering brokerage, asset management, and IB services. It is significantly larger than SICO but operates the same core product set in the GCC.
• Emirates NBD Securities: Emirates NBD Securities is the brokerage and capital markets arm of Emirates NBD, one of the largest UAE banks. It competes with SICO Invest in UAE brokerage and offers a comparable suite of trading and research services at much larger scale.

Regional players

• National Bank of Bahrain (NBB): NBB is a leading Bahraini retail and commercial bank. SICO's Group CEO Usman Ahmed sits on NBB's group structure, and NBB's Group CEO was appointed to SICO's board in Nov 2025, indicating close institutional ties. It is a regional player for cross-selling and corporate banking referrals.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/sicobank
• LinkedInlinkedin.com/company/sico-bsc-c
• Instagraminstagram.com/sico_bank
• Facebookfacebook.com/profile.php

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SICO Bank