Completion of a merger with Al-Tawfeek Company for Investment Funds (ATCIF) and the improved performance of its funds produced a 77 per cent increase in the assets of Al-Amin Company for Securities & Investment Funds in its financial year to 28 February 1994.

Al-Amin, a Bahrain-registered subsidiary of the Jeddah-based Dallah Albaraka Group, offers advanced investment products based on Islamic banking principles. Al-Tawfeek is Albaraka’s other Bahrain-based investment vehicle.

The transfer of Al-Tawfeek’s assets and liabilities brought Al-Amin’s assets to $332.44 million on 28 February 1994. Improved performance contributed to a 7 per cent increase in Al-Amin’s total assets, the fund says.

Profits more than double

Al-Amin reports a net profit of $9.38 million, inclusive of mandatory reserves, in the period from 1 January 1993 to 28 February 1994. This compared with $4.29 million in the preceding year. Realised profits for 1993-94 rose to 15.3 per cent of capital invested, from 9.3 per cent in 1992-93, Al-Amin says. It was decided to distribute profits to shareholders on the basis of 7 per cent of paid-up capital.

The investment portfolio stood at $328.15 million at 28 February, up from $173.48 million at the end of the preceding financial year. Al-Amin says lease financing, murabaha (trade financing), salam (investment operations), stock portfolio and investments in sister companies all continued to grow.