Dar Al Maal Al Islami Trust (DMI), the Geneva-based Islamic banking group, says it is on course to make a profit in 1994 after two consecutive years of heavy losses.
‘Performance has improved and 1994 will probably be a profitable year,’ says DMI spokesman Mouioua Mokhtari. DMI reported a net loss of $26.8 million in 1993 and a deficit of $19.7 million in 1992. Assets rose by 7 per cent to $669 million in the year.
Mokhtari said the losses in 1993 were partly due to the cost of a major restructuring programme. Geneva-based administrative staff now account for less than 7 per cent of total group employees, from 33 per cent 10 years ago, says Mokhtari. DMI’s performance was also affected by the world recession (see Special Report).