Good afternoon, ladies and gentlemen. Welcome to Derayah Financial Company's H1 2026 results and Strategy 2030 call, hosted by Arqaam Capital. I am Hussein Safieddine, and joining us from Derayah are Mr. Mohammed AlShammasi, Chief Executive Officer, Mr. Bilal Bushnaq, Chief Financial Officer, and Ms. Ghida Obeid, Investor Relations Officer. I will now hand over the call to management. In the meantime, if you have any questions, please feel free to submit them through the Q&A box. Following the presentation, we will begin with the Q&A session. You may use the raise hand feature, and we will open your line. Now, Ghida, over to you, please.
Thank you, Hussein, and thank you, Arqaam Capital, for hosting our earnings call this quarter. Good afternoon, everyone, and thank you for joining Derayah's financial second quarter and first half 2026 results call. Derayah delivered a resilient performance despite the ongoing geopolitical situation and the more cautious risk-off market environment. Total operating income increased by 5% year-on-year for the first half, supported by continued client growth, higher platform assets, and strong expansion in recurring revenue. During the period, Derayah continued to invest for the future, which has caused a temporary spike in expenses as a percentage of revenue, which has weighed slightly on our bottom line. Net profit for the period reached close to SAR 200 million. Today's call will also include an overview of Derayah's Strategy 2030, with a walkthrough of the ambitions that will guide the next phase of growth.
We have therefore extended today's call by close to 30 minutes to accommodate the strategy section and allow sufficient time for Q&A. Our CEO, Mr. Mohammed AlShammasi , will begin with the key highlights, followed by our CFO, Bilal Bushnaq, who will then review the financial performance in detail. Mohammed will present Strategy 2030 before we open the floor for questions. Before we begin, please note the standard disclaimer, including the provisions relating to forward-looking statements. As we have explained previously, Derayah's IFRS financial statements consolidate the trade finance fund to preserve transparency and comparability with the way management assesses the underlying business. The operating review in this presentation is based on supplementary managerial results. With that, I will hand over to Mohammed.
Thank you, Hussein and Arqaam Capital, for hosting our investor earning call for this quarter. This is the first time we partnered with Arqaam, and [Non-English content], more to come in the future. Thanks, Ghida, for the introduction. If you can move to the next slide, please. Thank you very much. Our customer acquisition continued to gain momentum ending quarter two of this year. We have added more than 23,000 new accounts during this quarter. This brings the total customer acquired in the first half of this year by more than 40,000 customers, reaching more than 660,000 customers. This is very important figure, as we really highlight customer acquisition is our starting point for our platform model, as more clients means that we are able to capture more assets, deepen more engagements, and introduce additional products to these customers.
We are, [Non-English content] , continue to achieve this nicely, and I will shed some more lights about that in subsequent slides. Our assets under custody continue really its stronger growth, more than 10% for the quarter to reach around SAR 37 billion of assets under custody. Our assets under management have remained almost flat for the quarter with around SAR 22 billion. We believe this is very resilient given the risk of environment and the composition of our AUMs that are tilted more into the riskier side of the business. Our operating profit have increased by 5%, reaching around SAR 470 million. I would like also to highlight that the share of recurring revenue here is around 44.7%, 8 percentage points higher on year-to-year basis. During the same period of last year, we have posted around SAR 28 million of investment gains over the same period.
We believe this is more of a recurring nature of our revenue. Our overall net income comes slightly below SAR 200 million. This is really a small decline versus the same period of last year. This is really more of in the planned, as we are investing heavily into digital marketing. We are investing heavily in technology to improve our platform and to ensure that we have the right investment done now to ensure that the future will continue to expand and to acquire more customers. We have to do more investments in the near term. Bilal will touch base into that in subsequent slide. But one thing we are mindful of that this is more of transitionary period. This is transitionary investments that we are making right now, and we expect this to normalize in years to come.
With that, I would give the floor to Bilal to walk you through the financial results, and I will come at the end of the presentation with more insights about our Strategy 2030. Bilal, to you, [Non-English content] .
Thank you very much, Abu Abdallah , and thank you, Arqaam Capital for hosting us, [Non-English content] . Abu Abdallah said more to come in the future, and thank you all for attending this call. In this slide, we will be talking about our total operating income, which has increased by 5% year-on-year, reaching SAR 468 million, compared to SAR 444 million in the first half of the second of 2025. In the second quarter, our operating income reached SAR 240 million, with an increase of 2% year-on-year and 6% on the previous quarter. As you know, for who is not attending, the main contributor of that has been contributing in the previous quarter and this quarter in our increase in the overall operating income is the new products, of the impact of the new product on the special commission.
Which has offset a lower Brokerage revenue, softer asset management fees, and lower contribution from our investment scheme. However, in the second quarter, we have showed a healthier trend with a higher contribution from the special income. In the coming slide, we will speak more about our special income and the reason for the increase and the contribution with an improved asset management revenue. However, the Brokerage, due to the market situation in general, stayed resilient compared to the previous quarters. Derayah has continued to deliver a revenue growth despite the ongoing conflicts that we are living in the region, especially with what is going on with Iran. We believe this speaks about our trust, reputation, and the brand that we had in the marketplace. In the coming slide, we will go into the details about the trading activity, the recurring income part.
As Abu Abdallah said, this represents a very important KPI that we look at. Our recurring income in the first half has reached 44.7%, with an increase of eight points compared to the same period of last year, which was at 36.6%. In the second quarter, we have hit the 46%, and this is a structural improvement on our business, which gives us a better earning feasibility and reduces the sensitivity to the market and the trading cycles in general. On the trading activity part, the next slide, please, Ghida. On the trading activity part, as everyone knows it, this has been an impact or a story of the geopolitical uncertainty and the cautious investor sentiment.
This has resulted with a decline of 10% in the trading activity year-on-year, compared which we are at 688 and we have reached 617, and everyone knows the impacts on the Brokerage revenue from that part in general. However, on the international part, it remains strong, supported by the volatility that we have witnessed and the attraction that came for our investor. Speaking about this, which is a key strength for Derayah by offering a unified platform which allowed our investor to invest in whichever market they want, using the same market with an easiness or seamless ability of transferring their purchasing power from one market to other. This is which helped Derayah to be always resilient and able to take advantage of any volatility or any trading activity in any market in the world.
Our clients are, [Non-English content], so far, they are enjoying this, and that has proven by the increase of the number of clients which we have reached. Next slide, please. For those who are attending our investor earning call, we break down the Brokerage revenue into the non-margin trading and the margin trading. In the non-margin trading, our traded value increased by 28% year-on-year, reaching SAR 249 billion. However, the non-margin broker, the net commission has declined from 13 to 10 basis points, achieving SAR 249 million. The decline was a result of the change in the mix of the trading security and the introducing of the zero commission, which we started on 18th of January. The major contribution is the change in the trading mix.
However, despite the change, despite the introducing of a zero base, our non-margin revenue was almost flat compared to the same period last year, and compared to the previous quarter as well. On the margin trading revenue, we have faced a major decline in our revenue from SAR 17 million to SAR 12 million. That came a factor of several contributors contributed to that. Due to the current geopolitical situation, we have witnessed a cautious investors' appetite to go and invest in the market. Accordingly, overall, the fund size has declined from SAR 1.4 billion to SAR 1.2 billion. That decline mainly came with a lower demand from the investor. However, and we know how important is that, therefore, Derayah has established a dedicated margin trading task force, which has so far built in a pipeline of SAR 300 million- SAR 350 million.
We are going into a continuous discussion with the investors. This will come with the improvement of the market or the geopolitical situation, which will enhance the investors to come and jump on and trade. Also we are broadening our proposition for the margin business through the introducing of the IPO margin. As we have announced earlier this year, we have signed a margin facility with the Arab National Bank dedicated for the margin product in specific, which will enable Derayah to provide more competitive products going forward and attract more investors. However, as a disclaimer, we all live within the same situation, and we understand the geopolitical impact on the trading activities in general. The next slide, please. In the asset management, in the overall, we are almost flat at the SAR 22 billion and down with that.
However, we have increased of SAR 27 billion compared to the same period of last year. Our revenue declined by 8%, reaching to SAR 58 million, again, as a cautious of the market's suspicious situation, low appetite of the investor to go into a market as a result of what's going on in the geopolitical part. However, the recurring management fees remained resilient at SAR 56 million. In the second quarter, with the introducing of new fund, that has helped us in increasing the revenue compared to the previous quarter from SAR 27 million to SAR 30 million. Over the coming 12 month, of course, again and again, depends on the situation, we expect to launch approximately SAR 1.5 billion of assets under management in the real estate fund and SAR 750 million on the alternative investment.
This always would reflect an ongoing strength that we do believe in the Saudi real estate market, especially with the blasted, which was blasted recently by the changes in the foreign ownership rules, the ongoing government encouragement of the mortgage business, and the continuous strong demand for the commercial real estate. We understand that this assets under management business is not growing as our target or as according to our strategy, but that was mainly impacted by what's going on geopolitically and therefore Derayah tried to hold on all the assets that were ready to be launched. We understand the investors cautious due to what's going on and their demand and their appetite to invest is not high enough for us to launch funds. However, now we're ready to launch a lot of funds, and we are assessing when is the right timing to kick them off.
On the Stock Yield Enhancement Program, our total assets under custody has reached SAR 37 billion with a growth of 10% compared to the same period of last year. This product, or the contribution of that product, has been materially important in increasing our recurring revenue and increasing the contribution of that business. For those who do not know, the actual launch for that product was in November 2028, and it started contributing materially on Derayah's profit starting from the first quarter of this year, as the total assets lent compared to the assets under custody has reached 8.7%, compared to 5% or 6% during the same period of last year.
The SYEP has created income on idle asset, and that has been a good factor for attracting a lot of investors who have an idle asset which has not been lent and that is contributing positively in increasing their revenue that comes from the markets and providing them with a better revenue quality by having an assets lent to others while their assets are well-protected. The revenue that come from the SYEP is divided into two factors, part that comes from the local investors and the other parts that come from the international trading.
On the local part, or the local assets under custody, as of now, we have signed with more prime broker, which gives Derayah a stronger position in negotiating the pricing, enhancing the return, and attracting better quality, protecting the assets, and being on a, let's say, on the best return that can be generated to our investors. Next slide, please. We have spoke about the special commission. On our operating expenses, it has increased by 22%, reaching SAR 207 million, and our cost-to-income ratio has reached 44%. As Abu Abdallah has said, we have an intensive investments on our IT platform and intensive investment or increase in spending of the digital marketing, which will help us to attract more clients and position Derayah in the right place.
Of course, the investment on the IT for enhancing our platform, enhancing the experience that our clients have, which will help Derayah in retaining more clients and attracting more clients. The increase, of course, for the coming period, which we expect that it will continue to 2026 and 2027, and we will start the impact be reflected on the future, and during that time, we expect our cost-to-income ratio to go to the 40%. On the next slide, please, Ghida. Our reported net income was SAR 198 million, which is down 77% during the same period last year. However, compared to the previous quarter, we have increased our profit to reaching SAR 101 million from SAR 97 million. Recently, our Board has approved our dividend for the second half of SAR 0.33, achieving a SAR 0.66 in the first half, which is complying with our dividend policy that was announced for post our IPO.
And we will promise our investor to continue to provide a generous dividend going forward, [Non-English content]. I will now hand back to Mohammed to reveal on our market strategy for 2023 in details. Back to you, Mohammed.
Thank you. Thank you, Bilal. Thanks for walking us through the financial slides. As highlighted by Bilal, this is really a clear transition underway. More clients, more assets that are coming our way means a higher recurring revenue and a contribution to a more broader engagement with our customers. In the coming few slides, we would like really to share our Strategy 2030 discussion and views of the business. We would like really to move this conversation from just a quarterly discussion into more broader, how the management, how the Board of Directors view the business, and how we really transition from 2025 into 2030. How we see the business. We would like really to bring our investors on board with this view, and we share the way we are working toward a brighter future for this company.
We believe the objective of this strategy is to bring a higher quality growth through the cycle while preserving attractive returns and a capital discipline that we have demonstrated in the past. We are working really actively with that. I would like really to start my presentation, if you can move, please. Basically, we are looking here at a sea change for the Saudi market. Retail portfolios back in 2022 was around 10 million portfolios. Today, we are talking about north of 14.6 million. The share of institutional clients back in the days was almost 1/3 of the market. Today, we are talking about 50% of the market is really institutional-driven. Number of listed companies in the local market also continue to increase.
More important, the accessibility reforms that was introduced by CMA earlier part of this year, allowing for GCC residents to own directly into the market and also opening the market by removing the QFI regime and opening the market to global retail investors. These are really significant changes in the market. These reforms means that we have a very different target addressable market, and we would like really to respond accordingly with that. Also, Derayah opportunity expands beyond domestic retail trading and core Saudi population to include wider audiences of the market. Also international investors. We have partnered with other brokers globally and would like really to bring that overall addressable market to Saudi Arabia. The timing, unfortunately, of these reforms was not very constructive as they coincided with a wider geopolitical environment and the war against Iran.
We would like really to highlight that we are expanding also across different segments beyond asset management to include wealth segment and from mass market through affluent and all the way up to higher net worth individuals. Overall, we are looking at a wider net of customers that we are targeting here. But what does that mean really from business initiatives and priorities? We are highlighting four different priorities. Can you go to next slide, please? Four different strategic priorities that we are focusing to achieve that, and the value creation that we believe will result into better acquisition efficiency, more product penetration and a much better client asset capture and higher live value for our customers and more recurring revenue and of course, the impact of operating leverage.
These four pillars that we are working on is really to build a commercial engine as a core enabler for our business, strengthen our position in the Brokerage business, and expand and scale up into Asset Management and Wealth Management proposition. Develop, and we continue to invest in that a lot, and I cannot really emphasize this more. Develop an integrated tech platform where we can really unlock the scalability without really increasing significantly our cost of acquisition, and also maintaining a disciplined capital allocation for superior returns. In the next slide, we will highlight and shed more light into each of these propositions. We will go over each of these in more details. We are focusing on a commercial engine that compounds value for our customers. So investing heavily in building a unified commercial engine that enables us really to connect with customers in a much better way.
We introduced a data warehouse that enables us really to target customers in terms of products and distribution. This also will help us in protecting and strengthening our Brokerage franchise. We have witnessed, for example, in last month, our market share have restored to around 10% of the all online trading market share, and we aspire really to do more. Our overall, as of last quarter, our market share in the Brokerage business continue to expand to around 15% across both local and international market. This is really a very solid indication that whatever investments we are making is really working quite well here. Lastly, we are also working on maintaining a disciplined capital allocation to deliver attractive returns for our investors. Next slide.
Our focus really in the Brokerage business is really protecting the franchise and expanding really by introducing new segments of the market like SYEP but also bringing new products to the market as we are venturing more into the institutional side of the business, like low latency execution, targeting HFTs and market makers. Developing more work and more franchise in the institutional side and hiring more sales traders. Also, we have launched our sell side initiative earlier part of this year. Currently, we are focusing our coverage into five stocks and aiming to expand this to 10 stocks that we are covering in the market. All of these are quite unique coverage in the market that we believe will bring some significant value add to institutional investors.
These stocks are not really widely covered by the market, usually covered by one or even no coverage by anyone in the market. We are also beyond really the normal asset management activities. We are also building an entire Wealth Management proposition. Today, we have our Smart proposition. We are complementing this with more offerings to include other segments of the market, like the upper affluent of the market and also targeting really to bring new products. Our overall aspirations within Asset Management is to move from SAR 22 billion of AUMs that we have today to around SAR 60 billion of AUMs separated between direct Asset Management and Wealth Management. This is a significant growth of around 3x from where we are today and really focusing in achieving that over the span of the next four years. Next, please.
Our technology platform is really a core pillar of our strategy and crucial element of the strategy. We have been really investing a lot. We have decided to front-load these investments, so we expect 2026 and 2027 to be the peak of these investments and to normalize thereafter. The reason for that is we believe it all starts really with a proper acquisition on the top of the funnel of our customers. Once we do this rightly, it's relatively easier for us really to cross-sell and to add more products to our customers. We already seeing some positive results as a result of these investments that we started to make in the past 12 months.
Our customer acquisition and acquire activation has declined significantly to around a few minutes, and we are really closing a lot of these by breaking down the squads and streams of acquisitions and focusing our surgeries and really looking at different parts of this journeys and really focusing how to optimize these journeys one by one and ensuring that faster execution all of these journeys. This really enabled us really to fast track into customer acquisition. In June and in July of this year, we have witnessed significant growth in top of the funnel, and we continue to see more activities through the KYC and through funding activities. We will be happy to highlight and shed more color into this in subsequent, probably, earning calls in the future.
On the capital allocation, we continue to provide visibility with our dividends distribution, minimum 60% through 2027, and we continue to distribute our dividends in a quarterly. We announced a similar distribution to what we have distributed last year. So far we are on track of what we have promised our investors last year when we announced our dividends policy. More important to us that we maintain the balanced approach of distributing dividends, investing in the future. We have announced an investment into D360 Bank of around SAR 100 million, and we continue to utilize the remaining returned earnings to do CapEx, OpEx, yes, but also we are seeding a lot of new investment products that we have launched in the past. These are very important for the future, so we underwrite some investments, especially in the alternative space, before syndicating that to our valued customers.
We continue also to invest selectively in our ecosystem. We have made, as I highlighted, investments in D360. We have made investments in other companies like Moyasar, Alpaca, BwaTech, and others. All of these are part of our wider investments in ecosystem that really help Derayah in achieving more service excellence. If you move to the next slide. This is very important slide. As we continue really to expand our presence and preserve our presence in the retail segment, we are also introducing new parts to the equation. As institutional clients, where we are investing heavily there, hiring more people, expanding the coverage by sell side, activation of SYEP and partnership with different prime brokers, and also venturing into HFTs and market-making activities. We talked previously about the achievement of our partner company, D360, acquiring significant customer base of around three million users.
We are really partnering with them to launch number of credit card initiatives, saving accounts, and also providing more secured lending to our customers. To summarize on our key objectives here, next slide, please. Our North Star matrix is really moving from around 600,000 customers to more than one million customers by 2030. Grow our AUMs by 3x to achieve around SAR 60 billion. The share of recurring revenue really to increase significantly from around 35%- 55%. What we mean by this is really changing our business model to be more in the recurring side, contractual business. Our revenue is really to double from where we are from SAR 900 million to around SAR 2 billion and maintain a very significant ROE targets of more than 40%. With this, I would like really to close my presentation.
We are very excited about the future of the company, and we believe all the plans that we have put in place are achievable. We are really investing in the building blocks of these strategic objectives, and we look forward really to achieving these objectives in the future. I will give the floor now to the audience to ask questions. Ghida and Hussein, to you.
Thank you so much for the presentation. We will now begin with the Q&A session. If you would like to ask a question, please use the raise hand feature and we will open your line. Our first question comes from Aybek Islamov. Please feel free to unmute yourself, Aybek.
Yes. Thank you very much for the presentation. I would like to ask the following two questions. The first one is on your latest reporting trends. Quite a strong performance in securities lending, right? Definitely the thesis is delivering on net special commission income. However, obviously we see that the Brokerage revenues are declining. Where do you see the inflection point in Brokerage such that it gets fully covered, compensated by your ancillary securities lending accounts and the custody revenues, right? Obviously, we need to look at it as a combo, right? When we think about your earnings model. That is my first question. The second question is about your strategy, and thank you for announcing the 2030 targets. How do you see the Asset Management growth, right? I have seen your AUM ambition, right?
To what extent it will be institutional versus retail money, and what will be the implications for asset management fees over the five-year period?
Thank you, Aybek, for these questions. I would like just to highlight a very important fact. Earlier this year that we announced that we are moving to a zero trading commission in the local market. We highlighted that as a result of this move, our revenue and the Brokerage will basically, our revenue model will change, and more emphasis will be driven here into more commission-based, interest-based commission. We have achieved a flat performance in our Brokerage business, but we have witnessed a significant growth in interest commission income.
This is really quite positive and really providing you with a clear guidance that we were able to change our pricing strategy, challenging the overall market and bringing in new revenue streams that did not really exist in the past, and changing the way we look at our revenue recognition from just a pure Brokerage, which we maintained quite well by introducing a new revenue stream in the Brokerage business. We continue really to see resilience on the Brokerage side of the business, and we were able to more than compensate that by significant increase, I think 70% increase in the interest commission income. The other question related to Asset Management. Yes, we are really focusing on to Asset Management and bringing a lot of ambitious growth targets here. We are separating this into two business lines.
One is really the core Asset Management proposition, where we are currently at around SAR 22 billion. We are really quite determined to increase this significantly to around SAR 52 billion, so more than double from where we are in the next four years. The way we are planning to achieve this is by a mix of public and private markets. We are really expanding our presence into real estate, expanding our presence into venture capital growth equity internationally. We have been really launching number of products and building a lot of partnerships with managers in the local market, sorry, in the international market and across private credit, across venture capital, across private equity, et cetera, to ensure that we have a much healthier pipeline. Building on the success of that, last year, we have launched an international private credit that was received positively by the market.
We have launched a late-stage venture capital fund that invests in the names like SpaceX, Anthropic, et cetera. We are doubling down into these relationships that we have built and continue to provide access to some growth opportunities in the local and international market. We are introducing a new Wealth Management segment to the equation and targeting around SAR 8 billion of that. This is again, not only looking at the mass segment through the Derayah Smart initiative, but also looking at other segments in the market and the affluent and high net worth individuals. The investment that we are making in the data warehouse and understanding the behavior of our customers will provide us more insights on how to target these segments, what are the demands of these segments, and we can tailor-make investments to them more actively.
Yes. Thank you.
Thank you, Aybek. Any other questions?
Okay. I will go with my questions. Meanwhile, if you want to ask your questions, please raise your hand or add them to the Q&A box. For the 2030 revenues target, the implied growth is around 15%. Which side of the business are you expecting them to have the most of the growth? Are you expecting it to be a broad-based growth for the revenue?
Thank you, Hussein. As highlighted, the Asset management and the Wealth management are the biggest revenue, sorry, the biggest growth items in our strategy. We are putting a lot of emphasis into that, and bringing more AUMs means that we continue to almost double from where we are today. In the Asset and Wealth Management, that is really a quite significant target to be delivered in the next four years, and it is quite challenging, to say the least. But I think we have the right formula for that. We have been investing into acquiring talents, acquiring resources, et cetera, that will enable us really to achieve that growth. Having said that, we continue also to bring in new revenue streams. We have demonstrated our ability in the Brokerage business to bring significant revenue growth evidenced by new programs like SYEP, interest income, et cetera.
We continue to show a very strong growth in that side of the business as well.
Okay. Thank you so much. My next question is on the D360 Bank. I know the peak loss has passed, but are we still expecting 2027 to be a break-even year, or could it require more capital from Derayah?
From the business plan and from our discussion with our colleagues at the bank, we have, [Non-English content], continued to narrow the losses. The bank is really recovering from these losses gradually and moving into the break even by end of 2027, and we expect really 2028 to be the time when we are starting to record profits. The bank capital raise has been perceived positively by a lot of institutional clients in the local side and in the international side, and they are on a track, [Non-English content], to raise SAR 1.5 billion. The valuation of the bank and the post-money, once all capital raising concluded, we are talking about SAR 6 billion of post-money valuation.
This creates a significant value for shareholders of Derayah who invested in the bank back in the days as incubator and later continued to inject capital as the bank continued its growth journey. We are quite happy with the operational side. More than three million users. More than, I think, SAR 3.5 billion in deposits. We are still in the very early stage of lending money, and this funding round has been really focused about getting more capital to fuel lending business, which already started to show some signs of positive momentum. Today, they are sitting around SAR 500 million of loan book, and as they conclude this funding round, we expect really significant growth in the loan book of the bank.
Okay, so we have a question. Thank you so much. We have a new question in the Q&A box. How many customers of D360 are we already cross-selling to now, given they have three million clients already and there is a higher time from foreign residents in the GCC coming in? Is the one million target for clients, by 2030, a more conservative target?
The simple answer to this, today, we don't have a cross-selling happening between us and D360. We launched an initial integration with the bank, where clients now can fund their account through the omnibus account that we maintained with bank D360. This is really a beginning of a bigger journey that we are looking to achieve by more integration with the bank and cross-selling both investment and banking products on both sides of this partnership. Today, we don't really have any. I think as we achieve more and more synergies and more and more integration of the bank, we think that this will work quite well. We are also looking to partner with other partner brokers overseas that can bring a significant volume of customers to Derayah. We are anticipating around nine million users under these different platforms that hopefully will bring to our total addressable market.
Okay. Thank you. The next question is, the H1 traded value increased 28%, but the Brokerage take rate fell to 10 basis points. Do you see this rate as a floor, or could the take rate go a bit lower in the future?
Bilal, can you answer this?
Yes. As we have guided our investors throughout the introduction with Derayah, in the road shows, we have guided our investor that our net margin on the Brokerage will be 9-10 basis points. We believe this is, going forward, it is going to be the floor post the launching of the zero-based trading. It can be 9-10. That is the range.
Let me complete what I answered Aybek a few minutes ago. Yes, we introduced zero commission, which means that we are making less money in the commission side. Also remember that this was compensated significantly by a strong growth on the other side of the business, which is the commission-based, the interest commission income or special commission income. This is really a significant change from the way we operate our business, and you can see that at the first half of this year, we have recorded around 70% growth into the special commission income.
Okay. Our next question is from Metin Esenbel. What is the expected non-margin trading and international Brokerage revenue in 2030?
On the international, as we have guided our investors that our net margin on the non-margin trading is going to be 9-10 basis points. Our indicative growth on the midterm strategy is a growth of 7%. We do not distinguish between the local and international. On the Brokerage part, we divide the Brokerage revenue into the margin and the non-margin.
Okay. Thank you so much. Okay, the next question. Given the current share price level, would you consider a share buyback?
Thanks for asking this question. We are looking at different scenarios related to that, including a share buyback. Once we look at a final decision, this will be communicated to our investors. At the moment, we have not taken that decision. We are evaluating different scenarios around that.
Okay, thank you so much. Our next question comes from Aybek. Please, Aybek, unmute yourself.
Yes. Thank you. Just one follow-up question on your international Brokerage segment. Can you broadly talk about the concentration in international trading within the AI sector? How significant it is, and to what extent does it impact your take rates, such concentration? Do you do stress tests to your trading values should there be a rollover in the AI sector in the U.S.? What would be the impact on your trading values? Is there such a stress test that you can kind of discuss with us? Thank you.
We have not really provided any breakdown of our international versus local volumes. I think they come from public resources. We continue to see a very strong momentum of investors really looking at international markets as the local trading volumes has been really muted in the past few quarters. We believe this is more of the platform advantage that investors have the ability to move their buying power from local to international and vice versa. In certain quarters in recent times, we have seen emphasis in the international side. But in other scenarios, we have seen a lot of also emphasis in the local side. We haven't really provided any breakdown of where we see trading volume.
In terms of investors picking some activity, we have seen definitely around times of significant IPOs like SpaceX, et cetera, to see strong activity happening in that segment of the market. But I wouldn't say that we have a high concentration into a specific sector of the market versus others.
Thank you.
Thank you, Aybek. Do we have other questions, Hussein?
No. I think we can conclude the call, if you want. I will pass back the call for your closing remark.
Thank you very much. Thank you very much for your time. We are super excited about the future of this business. We continue really to stay quite resilient in light of all of the challenges surrounding the local markets and the geopolitical situation. We continue to show a very strong resilience of performance. This really coupled with a significant shift in our pricing strategy and the execution of that strategy really proved to be quite solid and correct reading of the market. Our customer acquisition continue really to increase. We have shared some initial signs of that happening in June and July of this year. We continue to see, Inshallah, more growth in the future. Thank you, everyone, for your participation, and we look forward to touching base with you in person or in future earning call. Thank you very much.