RIYADH, 10 December 2006 — Tejoori Limited, Dubai-based investment company has announced that it will support the International Islamic Finance Forum (IIFF) as a strategic partner in the upcoming event in Dubai in April next year. The announcement was made by Shaikh Fawaz Bashraheel, chairman of Tejoori, who said: “We are proud to be associated with IIFF and actively support this premier event as one of the major sponsors. We see this sponsorship as part of our commitment to the continuous development of Islamic finance and investments.”
Earlier, Tejoori Ltd. was a major sponsor of the International Islamic Finance Forum held in Zurich. IIFF has established itself as a premier event in Islamic finance — one of the world’s fastest growing financial sectors.
Tejoori is an independent international investment company. Headquartered in Dubai, Tejoori is listed on the Alternative Investment Market (AIM) of the London Stock Exchange. It is the world’s first investment company dealing with Shariah-compliant and socially responsible investments to be admitted to AIM.
As an international investment company, it operates on ethical principles with a focus on Socially Responsible Investments (SRIs) that are Shariah-compliant. The company is a supporter of pre-eminent Islamic finance events like the IIFF and will continue its support as a strategic partner in the upcoming event in Dubai in April. Ahmad Abbas, CEO of Liquidity Management Center (LMC) and Tejoori board member, delivered a presentation on the Sukuk market at the forum in Zurich. Abbas disclosed that the global Sukuk market was worth around $15 billion, excluding the Malaysian domestic and Al Salam Sukuk issues. Of this $15 billion, about $6 billion of the issues are sovereign and $9 billion corporate.
He also confirmed the dominant role the UAE has played in the development of this market, pointing out that the UAE accounts for 45 percent of all Sukuk issuance. He further anticipated the continuing growth of the Sukuk market due to three main factors: The likelihood of sustained oil prices at high levels, the budget surpluses and subsequent spending of many Middle East and North Africa (MENA) governments as well as the development and growth of private sector earnings.
Steffen Schubert, managing director of Tejoori, added: “Key events such as the International Islamic Finance Forum is a natural platform for Tejoori and is completely in line with our strategic focus. We will continue to support the development of Islamic Finance and Socially Responsible Investing.” In this context, he announced that Tejoori will donate 2.5 percent of its net profits to registered charities and worthy causes.
Despite this flexible approach toward potential investment opportunities, Tejoori will actively court established and emerging sectors such as Shariah finance, healthcare, environmental technologies and intellectual property — where its investment can make a tangible contribution to a more healthy and sustainable society.