BSF Capital is the investment-services brand of Saudi Fransi Capital. Its Tadawul application brings securities dealing, portfolio administration and investment-fund transactions into one interface. The company also operates managed products, including an algorithmic Saudi-equity fund. Those fund units have their own minimum investment, fees and redemption timetable, which are distinct from the brokerage account.[1][2][3][8]
Broker essentials01
BSF Capital at a glance
| Measure | Value | Context |
|---|---|---|
| Legal company | Saudi Fransi Capital, trading as BSF Capital. | Source 1 |
| Regulator/licence | Saudi Capital Market Authority; licence 11153-37. | Source 1Source 4 |
| Commercial registration | 1010231217. | Source 1 |
| Head office | Riyadh, Saudi Arabia. | Source 1 |
| Application | BSF Capital Tadawul. | Source 2 |
| Market data | Delayed prices free; live prices require subscription. | Source 2 |
| Customer care | 800 124 3232 or +966 11 282 6828. | Source 2 |
Accounts and eligibility
Sections ↑At a glance02
Separate the account from the investment product
| Topic | Details |
|---|---|
| Brokerage relationship | Used for the securities markets and dealing services activated for the client.Source 2Source 5 |
| Fund subscription | Purchases units in a managed fund under that fund’s own terms.Source 8Source 2 |
| Investment-account acceptance | CMA instructions require identity checks, an account agreement and identification of authorised operators.Source 5 |
| Minimum capital | The algorithmic fund’s published class minimums are not evidence of a BSF brokerage-opening minimum.Source 8Source 5 |
At a glance03
Eligibility and identification
| Topic | Details |
|---|---|
| Saudi/GCC individuals | CMA rules specify the appropriate identity documents for these categories.Source 5 |
| Foreign residents | Residence identification and the applicable acceptance checks are required.Source 5 |
| Non-resident foreigners | The current instructions provide for passport-based identification; direct Main Market access expanded to all foreign-investor categories on 1 February 2026.Source 5Source 6 |
| Broker availability | The regulatory change does not itself confirm that every BSF product or onboarding route accepts every applicant.Source 5Source 6 |
At a glance04
Algorithmic fund: classes and entry amounts
| Topic | Details |
|---|---|
| Class A | Initial subscription and class-maintenance balance of SAR 25 million; additional subscription and redemption minimums of SAR 100,000.Source 8 |
| Class B | Ordinary initial subscription and minimum balance of SAR 2,000; additional subscription and redemption minimums of SAR 1,000.Source 8 |
| Automatic-investment exception | Section 11 describes an automatic-investment route with no minimum initial or additional contribution, allocated to Class B. Availability and plan terms should be confirmed separately.Source 8 |
| Same investment strategy | The classes differ in fee and eligibility terms; the document does not give them different investment objectives.Source 8 |
| Scope | These are fund-unit terms, not minimum deposits for self-directed share trading.Source 8 |
Markets and investments
Sections ↑At a glance05
Products described in the Tadawul application
| Topic | Details |
|---|---|
| Shares | Local and international stock-market dealing.Source 2 |
| Debt securities | Sukuk and bonds.Source 2 |
| Derivatives | The English description lists options and futures, while the Arabic list expressly names options. The listing does not specify every venue, contract or client permission.Source 2 |
| Investment funds | Subscriptions and redemptions, with portfolio administration.Source 2 |
| Product approval | An app-level product list is not a guarantee that each instrument is enabled for every account.Source 2 |
At a glance06
Algorithmic Saudi-equity fund mandate
| Topic | Details |
|---|---|
| Structure | An open-ended public equity fund denominated in Saudi riyals, following its Sharia committee’s investment standards.Source 8 |
| Objective | Medium- to long-term growth through Saudi securities, with a stated benchmark rather than a guaranteed return.Source 8 |
| Main allocation | The ordinary range is 80%–100% Main Market equities, with limits for other investments. The terms allow up to 100% cash or money-market transactions in exceptional circumstances.Source 8 |
| Investment adviser | Winton Capital Management develops the model inputs; Saudi Fransi Capital retains the fund-management role.Source 8 |
| Risk classification | High risk, including model/data, market, liquidity and execution risks.Source 8 |
Fees and trading costs
Sections ↑At a glance07
Brokerage costs: established facts and limits
| Topic | Details |
|---|---|
| Delayed data | Free according to the official application description.Source 2 |
| Live data | Requires a subscription; the description does not publish the complete subscription tariff.Source 2 |
| Saudi market ceiling | The CMA’s commission mechanism sets a maximum of 0.155% and removed the old small-order minimum. This market ceiling does not establish BSF’s actual client rate.Source 7 |
| Account-specific charges | A complete current BSF commission, custody, transfer, FX and financing schedule was not established from the reviewed public disclosures. Fund fees below should not be used as substitutes.Source 2Source 1Source 8 |
At a glance08
Algorithmic fund: management and subscription charges
| Topic | Details |
|---|---|
| Class A management | 1.25% per year of the relevant net assets after other expenses and liabilities.Source 8 |
| Class B management | 1.75% per year on the same stated basis.Source 8 |
| Collection | Management fees accrue daily and are deducted monthly.Source 8 |
| Subscription | Up to 3% of the subscription amount, payable upfront; the manager may waive or reduce it.Source 8 |
| Redemption | No ordinary or early-redemption fee in the terms; this does not remove performance-fee crystallisation or liquidity restrictions.Source 8 |
| Taxes | The fee schedule excludes VAT and other applicable taxes.Source 8 |
At a glance09
Algorithmic fund: additional expenses
| Topic | Details |
|---|---|
| Custody | 0.07% annually, accrued daily and paid monthly, plus SAR 112.50 per custody transaction.Source 8 |
| Sub-operator | 0.05% annually, accrued daily and paid monthly.Source 8 |
| Other operating items | The fund also bears specified audit, benchmark, registration, regulatory, dealing and other actual expenses.Source 8 |
| Other-expense cap | The document caps the category called other fees/expenses at 1% of annual NAV; this is not a cap on every fund cost combined.Source 8 |
| Adviser cost | The manager pays the investment adviser from its own resources under the stated terms.Source 8 |
At a glance10
Algorithmic fund: performance-fee inconsistency
| Topic | Details |
|---|---|
| Rate and stated conditions | Section 9 specifies a 10% performance fee, benchmark outperformance and a high-water-mark condition.Source 8 |
| Collection | The terms describe accrual at valuation dates/month-end and payment quarterly or upon redemption, whichever occurs first.Source 8 |
| Material conflict | The operative clause says no fee when overall fund performance is negative, but the worked example on page 19 charges a fee in a period showing a −1.7% fund return.Source 8 |
| What remains unresolved | The negative-return treatment and the example’s high-water-mark calculation need written clarification from BSF before a client relies on a precise performance-fee projection.Source 8 |
Platforms and order handling
Sections ↑At a glance11
Tadawul app dealing and monitoring
| Topic | Details |
|---|---|
| Market overview | Local/global market monitoring, top bids/offers and gainers/losers.Source 2 |
| Watchlists | Create lists of securities to follow.Source 2 |
| Portfolio administration | View holdings, portfolio statements and historical orders.Source 2 |
| Research | News, financial reports and equity research are listed features.Source 2 |
At a glance12
Who controls the algorithmic fund’s trades?
| Topic | Details |
|---|---|
| Winton’s role | Develops and operates the model, processes data and proposes target portfolio weights.Source 8 |
| BSF’s role | Makes investment decisions, generates orders, routes them to brokers and monitors execution and reconciliation.Source 8 |
| Order generation | The terms describe loading target weights into a front-office system, such as Bloomberg AIM or an equivalent, to generate orders.Source 8 |
| Exceptional intervention | The manager/adviser may depart from model outputs in exceptional circumstances described in the terms.Source 8 |
| Investor authority | A fund subscription buys units in the managed strategy; it does not provide the investor with a personal trading bot or retail API.Source 8 |
Funding, withdrawals and custody
Sections ↑At a glance13
Ordinary account transfers
| Topic | Details |
|---|---|
| Internal movement | The app advertises transfers between portfolios.Source 2 |
| External movement | Transfers to the client’s current account are listed.Source 2 |
| Named-bank rule | CMA instructions normally require outgoing cash to go to linked bank accounts in the client’s own name, subject to specified legal exceptions.Source 5 |
| Cash payments | The instructions prohibit physical-cash deposits/payments for investment-account transactions.Source 5 |
| Available balance | A portfolio’s displayed value and its currently transferable cash are different quantities; securities and outstanding obligations must be taken into account.Source 5Source 2 |
At a glance14
Algorithmic fund dealing and redemptions
| Topic | Details |
|---|---|
| Valuation/dealing days | Monday and Thursday when they are Saudi business days.Source 8 |
| Instruction cutoff | Before noon Saudi time on the day preceding the relevant dealing day.Source 8 |
| Pricing | A valid request is priced using the applicable dealing-day NAV; the price is published the following business day.Source 8 |
| Payment | The terms provide for redemption proceeds by the close of the fourth business day following the dealing day, subject to the stated exceptions.Source 8 |
| Deferral/suspension | Requests may be deferred when aggregate redemptions exceed 10% of NAV; market suspensions, inability to liquidate assets and force majeure can also interrupt dealing.Source 8 |
| Switching funds | Treated as a redemption from one fund and subscription into the other, with the destination fund’s conditions and possible FX conversion.Source 8 |
At a glance15
Fund currency and income
| Topic | Details |
|---|---|
| Base currency | Saudi riyal.Source 8 |
| Other-currency subscriptions | Converted at the exchange rate available to the manager; no universal retail FX spread is specified.Source 8 |
| Income policy | Profits are reinvested; the fund does not promise regular cash distributions.Source 8 |
| Zakat | Unit holders remain responsible for their zakat; the terms describe providing relevant declarations on request.Source 8 |
At a glance16
Account freezing and closure
| Topic | Details |
|---|---|
| Outdated identification | The CMA instructions require freezing if required identity/account information is not renewed.Source 5 |
| Freeze scope | An information-related freeze restricts outward payments and use of the balance; the regulatory definition still permits sales, incoming proceeds/profits and deposits from the client’s bank.Source 5 |
| Empty account | After a year without cash or linked securities, an unrestricted account may be closed after 30 days’ notice.Source 5 |
| Unsettled obligations | A requested closure may be prevented by attachment or outstanding financial obligations.Source 5 |
Regulation and investor protection
Sections ↑At a glance17
Regulation and legal identity
| Topic | Details |
|---|---|
| Regulated entity | Saudi Fransi Capital is the legal controller named in the privacy notice and the entity listed by the CMA.Source 1Source 4 |
| Licence | 11153-37, also printed in the current fund terms.Source 1Source 8 |
| Activities | The CMA directory shows dealing, managing investments/operating funds, arranging, advising and custody.Source 4 |
| Risk boundary | A bank-affiliated brand and regulatory permission do not guarantee investment returns or make fund units bank deposits.Source 3Source 8 |
At a glance18
Algorithmic fund custody and ownership
| Topic | Details |
|---|---|
| Custodian | HSBC Saudi Arabia is named as the fund custodian.Source 8 |
| Beneficial ownership | Fund assets are collectively owned for unit holders and segregated from the custodian’s assets and other clients’ assets under the terms.Source 8 |
| Scope | This named custodian relates to the algorithmic fund; it is not proof of the custodian for every BSF brokerage market.Source 8 |
| Investment losses | Segregation and custody duties do not remove market or model risk; unit holders can lose invested capital.Source 8 |
At a glance19
Privacy rights and data retention
| Topic | Details |
|---|---|
| Controller | Saudi Fransi Capital identifies itself as responsible for processing customer data.Source 1 |
| Data categories | The notice covers identification, contact, account/transaction, financial and, where applicable, biometric information.Source 1 |
| Access/copy request | The notice allows a structured readable copy within 30 days, subject to law, with a further notified 30-day extension where applicable.Source 1 |
| Correction and deletion | Correction rights are described; deletion is subject to continuing legal/regulatory retention duties.Source 1 |
| Retention | The notice states at least ten years or the period needed for the stated purposes and applicable requirements.Source 1 |
| Privacy contact | [email protected].Source 1 |
Support and complaints
Sections ↑At a glance20
Service contacts
| Topic | Details |
|---|---|
| Customer care/technical support | 800 124 3232 and +966 11 282 6828.Source 2 |
| App support email | [email protected].Source 2 |
| Investment products | 800 125 9999.Source 2 |
| Privacy requests | [email protected].Source 1 |
At a glance21
Algorithmic-fund complaints
| Topic | Details |
|---|---|
| [email protected].Source 8 | |
| Telephone | 800 124 3232; the terms also permit an in-person complaint at the manager’s head office.Source 8 |
| Written details | The procedure requests a signed complaint and contact details.Source 8 |
| Response target | The fund terms state a five-business-day response/settlement target.Source 8 |
| Disputes | The terms identify the Committee for Resolution of Securities Disputes as the competent forum for investment-fund disputes.Source 8 |
Research and additional services
Sections ↑At a glance22
Statements and reporting
| Topic | Details |
|---|---|
| Brokerage records | The application lists portfolio statements and historical orders.Source 2 |
| Fund annual reports | The fund terms require reports within three months of the reporting period’s end.Source 8 |
| Interim and quarterly information | Interim financial statements within 30 days; quarterly statements within ten days of quarter-end.Source 8 |
| Unit-holder record | An investor can request a free extract of the register relating to their own holding.Source 8 |
Company and group structure
Sections ↑At a glance23
Company and product chronology
| Topic | Details |
|---|---|
| Brand/operator | BSF Capital is the brand; Saudi Fransi Capital is the legal company.Source 1 |
| Group role | BSF’s 2025 annual report describes BSF Capital as its investment arm, providing brokerage, asset management and investment-banking services.Source 3 |
| Fund approval | CMA approved the fund offering on 3 September 2025; approval is not an investment recommendation.Source 9Source 8 |
| Current fund document | The cover and summary identify a 2 July 2026 amendment, including a name change and performance-fee clarification, while an older October 2025 update date remains in the body.Source 8 |
- Headquarters
- Saudi Arabia
Legal entities & licences
These are source-dated records, not a blanket assessment of the broker. Read each issuer, identifier, status and scope together.
Saudi Fransi Capital
No separate licence entry is recorded in this panel.
Practical considerations
Sections ↑At a glance24
Practical assessment
| Topic | Details |
|---|---|
| Brokerage user | The combined app is useful for trading, cash transfers, research and records, but the applicable market tariff and data subscription remain essential.Source 2 |
| Fund investor | Identify the correct share class or automatic-investment route and read the management, performance and other-expense provisions together.Source 8 |
| Liquidity needs | A fund’s scheduled valuation and possible redemption deferral differ from moving available brokerage cash to a bank.Source 8Source 2 |
| Unresolved fund issue | The performance-fee example conflicts with the operative negative-return clause; a precise outcome should not be invented from the inconsistent document.Source 8 |
BSF combines self-directed dealing and fund administration in the Tadawul app. The algorithmic fund has separate share classes, charges and scheduled redemptions. Its performance-fee clause and worked example conflict on negative returns, so investors need the manager to resolve that specific calculation before relying on a projected charge.[2][1][4][8]
Sources & further reading
- Privacy notice: legal controller, licence, data rights and retention Saudi Fransi Capital · Accessed 27 Oct 2026
- Official BSF Capital Tadawul application description and support Saudi Fransi Capital / Google Play · Accessed 27 Oct 2026
- BSF 2025 annual report: investment subsidiary and services BSF · Accessed 27 Oct 2026
- CMA authorised institutions directory: Saudi Fransi Capital Capital Market Authority · Accessed 27 Oct 2026
- Investment Accounts Instructions amended 5 January 2026 Capital Market Authority · Accessed 27 Oct 2026
- Foreign Main Market access from 1 February 2026 Capital Market Authority · Accessed 29 Oct 2026
- Saudi share-commission ceiling and small-order minimum removal Capital Market Authority · Accessed 27 Oct 2026
- Algorithmic Saudi-equity fund: 37-page Arabic terms, July 2026 amendment cover Saudi Fransi Capital · Accessed 29 Oct 2026
- CMA approval of the fund offering, 3 September 2025 Capital Market Authority · Accessed 27 Oct 2026
This profile reports dated public information, including broker-published services and terms. It does not independently test or guarantee execution, pricing or withdrawals. Inclusion is not an endorsement. Permissions and protections apply only to the named legal entity, service and client category; check the current official records and your contract.