Tadhamon Capital announces US$ 28.6 million profit in its first year
Tadhamon Capital, a category 1 Islamic investment company based in Bahrain, has announced a net profit of $28.6m for its first period of operations from 15th September 2008 to 31st December 2009.
Total revenues for the period amounted to $34m, including fee income of $30.3m from arranging transactions and managing portfolios for clients, while profits from proprietary investments contributed $3.7m. Total operating expenses for the period, which included one-time initial set-up costs, amounted to $5.4m.
Commenting on the results, the company Chairman Abdulgabbar Hayel Saeed said:
"We commenced our business at a time when the world was gripped by the worst financial crisis in a century. In spite of the difficult challenges, we are extremely pleased with our performance. The company has achieved outstanding results due to its ability to source superior investments for its clients who have vested their deep faith in our abilities."
Mr. Saeed expressed his sincere gratitude to the company’s clients, the regulatory authorities in Bahrain, and to the company’s employees for their steadfast commitment.
Tadhamon Capital’s vision is to become a leading financial institution that promotes Islamic finance on a global level by providing its investors with attractive, diversified and innovative Sharia’a compliant solutions. Its principal business activities include arranging, structuring and managing new investment products across its main business lines which include Asset Management, Private Equity, Real Estate, Treasury and Wealth Management.
During its first period of operations, the company successfully arranged major property acquisition and development projects in Saudi Arabia and other GCC and North African countries. Besides, the company has recently launched a regional equity fund to invest in listed stocks, and will shortly be launching a Sukuk fund and two other private equity funds. Client assets managed by the company have already exceeded $600m.
Chief Executive Officer and Board member Waleed Rashdan announced that the company has a strong pipeline of attractive and well diversified investment solutions. He commented "Our specialist team discerningly identifies and evaluates attractive investment opportunities based on a solid understanding of the market, strong fundamental research and analysis, and extensive experience—which we can offer to local and regional investors with greater ease of access to a wide range of markets."
Mr. Rashdan explained the company’s business model which is focused on identifying the best investment opportunities and working with key strategic partners to tap those opportunities for the ultimate benefit of the company’s clients and shareholders. He said the company has already forged strategic relationships with strong partners in each of its main business areas.
Besides, the company has put in place a sophisticated framework for corporate governance and risk management, and has implemented state-of-the-art information technology systems, processes and controls.
Tadhamon Capital is a 100% owned subsidiary of Tadhamon International Islamic Bank (TIIB) which, in turn, is majority owned by a leading regional conglomerate, Hayel Saeed Anam & Co (HSA) Group, with Qatar Islamic Bank also as a prominent shareholder.