Bahrain-based Islamic investment company Tadhamon Capital managed to turn in a profit of $28.6 million in its first 15 months in spite of the global credit crunch.

Total revenues for its first period of operations from September 15 2008 to the end of last year were $34 million, including fee income of $30.3 million from arranging transactions and managing portfolios for clients, while profits from proprietary investments contributed $3.7 million.

Total operating expenses for the period, which included one-time initial set-up costs, amounted to $5.4 million.

'We commenced our business at a time when the world was gripped by the worst financial crisis in a century,' said chairman Abdulgabbar Hayel Saeed.

'In spite of some 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.'

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-compliant solutions.

During its first period of operations, the company successfully arranged major property acquisitions and development projects in Saudi Arabia and other GCC and North African countries.

It 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 $600 million.

'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,' said chief executive officer Waleed Rashdan.

Tadhamon Capital is a 100 per cent owned subsidiary of Tadhamon International Islamic Bank which, in turn, is majority owned by Hayel Saeed Anam & Company Group, with Qatar Islamic Bank also a prominent shareholder.-TradeArabia News Service