Tejoori confident, despite performance of Shari'a portfolio

Tejoori Investments was positive about the future of its conservative investment portfolio on Friday, despite a downturn in its fortunes in the six months to 31 December 2015.

The AIM-traded Shari'a compliant investment company, based in Dubai, said it had $3.51m (£2.43m) available for investment at the end of the period, $2.8m of which was placed on short term wakala deposits, which carried a profit rate of 5% per annum.

Tejoori generated income of $53,205 from the wakala deposits in the six month period, recording a net loss of $29,296 - down from the net profit of $26,481 a year earlier.

Of its two existing investments, the company's board was still assessing its options for its three plots in Arjan, including developing or selling them. It had not made a decision by period end.

Its other investment, in batch biogas plant builder and operator BEKON Holdings, was facing financial turbulence.

"Despite all the challenges that BEKON has faced, the board remains confident of the future prospects of this investment", the company said.

Looking ahead, the company was confident in a modest future.

"Any future investment by Tejoori will be made with a view to have higher potential returns for the shareholders", chairman Khalid Al Nasser promised.