| Tejoori closes Musharaka agreement with Omniyat |
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| Monday,January 08,2007 Posted: 14:38 BJT(0638 GMT) Khaleej Times |
Tejoori Linited, the Dubai headquartered investment company announced that it has xlosed the Musharaka agreement with Omniyat Properies Eleven Linited.
On December17, 2006, the Musharaka agreement closed with Tejiiri taking a 25 per cent equity stake in Omniyat Properties Eleven Limited. The agreement provideds Tejoori with an equity stake in Land deals and total projects in excess of Dh1 billion in Business Bay and Lagoons. 'Musharaka' means 'partnershio'. Such an arranagement is based on a profit and loss sustem where two or more persons combine eight labour or capital and share in teh profits of losses of the venture. Tejoori is the world's first investment company focusing on shari'a compliant investments to be listed on a major internatioal stock market. Tejoori's investment approach is not linited by geography or sector byt by the quality and potential of the invetment. Shaikh Fawaz bashraheel, cvhairman, Tejooori linited, said, "The closure of this Musharaka agreement coems as we are announcing yet more transactions. we are now experiencing solid momentum and confirming Tejoori's commitment to both traditioanl and unique opportunities centered around the principles of shari'a compliant investing." |
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