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.
You might also like...
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.