Final Results

15 December 2015

Tejoori Limited

("Tejoori" or the "Company")

The Board of Tejoori (AIM:TJI), the Dubai-based Shari'a-compliant investment company, is pleased to announce its audited results for the year ended 30 June 2015.

For further information:

Chairman's Statement

On behalf of Tejoori's board of directors, I am pleased to welcome you to the audited financial results of Tejoori and its subsidiaries (together, the "Group") for the year ended 30 June 2015.

Financial performance during the year

As at 30 June 2015, the Company had cash available for investment of USD 2,236,817 (30 June 2014: USD 10,105). In addition, as at 30 June 2015, the Company had USD 1,359,597 placed in Wakala deposits (30 June 2014: USD 3,602,192). These deposits carry a profit rate of 5 percent per annum.

During the year under review, Tejoori generated income of USD 152,172 (30 June 2014: USD 174,654) from Wakala deposits and a net loss of USD 3,711,686 (year ended 30 June 2014: net profit of USD 922,530), as a result of a revaluation of the Company's assets.

Main highlights during the year

- The Group has reduced its operating expenses to the extent it is able. However, the loss incurred during the year is mainly due to the revaluation of the Arjan plots to USD 13.9 million as at 30 June 2015 (30 June 2014 valuation: USD 16.5 million) and the revaluation of the Company's interest in Bekon to USD 3.35 million (30 June 2014 valuation: USD 4.5 million).

- Although the Company though has taken the above valuations on a conservative basis, the Board seeks to ensure that shareholders' interests are considered and the Company is exploring different, new investment opportunities which can yield benefit to our shareholders.

Existing investments

Arjan Plots

As announced on 17 December 2012, Tejoori successfully entered into settlement agreements to cancel the sale and purchase agreements with regards to its investment in the Lagoons Plots Development in Dubai. At the same time Tejoori also entered into an agreement to acquire 3 replacement plots of land in Dubai Land, namely the Arjan Plots. Under these arrangements, the final deferred consideration payment of approximately USD 320,000 was paid by Tejoori in February 2014 and the Group does not hold any further liability towards the acquisition of the Arjan Plots. Whilst the third Arjan Plot has been fully acquired by the Company the title deed for the third plot has not yet been granted in the Company's name. Tejoori is considering options for either developing the plots in conjunction with real estate developers or selling them off in their current state. The board of Tejoori is continuing to evaluate the options for the Arjan Plots with a view to maximising value for Tejoori shareholders.

Bekon

As on 30 June 2015, Tejoori retains a 10.1% shareholding in BEKON Holding AG. Bekon specialises in construction and operation of biogas plants for the generation of electricity and gas injection as well as the production of compost and organic fertilizer. Despite of all challenges that BEKON have faced, the Company is still confident with the future prospects of this investment.

With a positive outlook, the board is expecting an improvement in the Company's performance and we will keep our shareholders posted on our progress.

Khalid Al Nasser

Chairman of Board

15 December 2015

Directors' report

The Directors of Tejoori Limited ("Tejoori" or the "Company") and its subsidiaries (together the "Group") present their annual report on the operations of the Group, together with the audited consolidated financial statements and auditor's report, for the year ended 30 June 2015.

Principal activities

The Group's principal activity is that of an investment company which invests in ethical and Shari'a compliant ventures worldwide. The Company is incorporated and domiciled in the British Virgin Islands ("BVI").

Listing

The Company's shares were admitted to trading on the AIM market ("AIM") of the London Stock Exchange ("LSE") on 24 March 2006.

Listings Requirements

The Group believes it has complied with the relevant provisions of the rules of the LSE governing the admission to and operation of AIM.

Results and Dividends

The results for the year are set out in the consolidated statement of comprehensive income in the accompanying consolidated financial statements. No dividends have been proposed or declared for the year ended 30 June 2015.

Directors

The Directors, who served during the year and to the date of this report, were as follows:

Directors' interests

The directors who held office as at 30 June 2015 had the following interest in the shares of the Company.

Refer to Note 17 for other disclosures on directors' interests.

Acquisition of the Company's own shares

By virtue of being traded on a stock market, there is always the possibility of the ordinary shares trading at a discount to their Net Asset Value per Share. However, in structuring the Company, the Directors have given detailed consideration to the discount risk and how this may be managed. Conditionally, the Directors have authority to buy back the ordinary shares in issue.

There is no present intention to exercise such authority. Any repurchase of ordinary shares will be made subject to BVI law as appropriate and within guidelines established from time to time by the Board (which will take into account the income and cash flow requirements of the Group) and the making and timing of any repurchase will be at the absolute discretion of the Board. Purchases of ordinary shares will only be made through the market for cash at prices below the prevailing Net Asset Value per Share where the Board believes that purchases enhance Shareholder value.

During the period under review no ordinary shares were purchased.

Further share issues

Subject to market conditions then prevailing and to all necessary consents and approvals being obtained, the Board may decide to make one or more further issue of ordinary shares for cash from time to time. There are no provisions of BVI law or the current Articles of Association providing for pre-emption rights for existing Shareholders on the allotment of further ordinary share for cash. Unless authorised by Shareholders (save for the issue of any ordinary shares pursuant to the exercise of any Warrants), the Company will not issue further ordinary shares at a price below the prevailing Net Asset Value per Share unless they are first offered pro-rata to existing Shareholders or Shareholders have otherwise approved any such issue.

The Directors have the authority to issue 4,131,279 warrants. These warrants give the holder the right to acquire 1 share in the Company at a price of USD 1.00 per warrant. No warrants were issued during the period under audit.

.......................................................

Mohamed Abdulla Al Zaabi

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Saad Al Fouzan

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Abdullah Ibrahim Saeed Lootah

15 December 2015

Corporate governance statement

Whilst the BVI do not have a corporate governance regime the Directors recognise the importance of sound corporate governance, taking into account the size of the Group and the fact that it is a self-managed investment company. The Board will, where practicable, comply with the principles of the Corporate Governance Guidelines for AIM Companies issued by the Quoted Companies Alliance.

The Board has established an audit committee comprising of Saad Al Fouzan & Mohammed Al Zaabi with duties and responsibilities formally delegated to it by the Board. The audit committee is primarily responsible for ensuring that the financial performance of the Group is properly monitored and reported on and for reviewing the effectiveness of the Group's systems of internal control.

The Group has also established a remuneration and nominations committee to review the performance of its executive Directors and review and recommend the scale and structure of their remuneration and the basis of their remuneration and the terms of their service agreements with due regard to the interests of Shareholders. In considering the remuneration of executive Directors the committee seeks to enable the Group to attract and retain staff of the highest calibre. The remuneration and nomination committee will also be required to approve the allocation of warrants to employees. No Director is permitted to participate in discussions or decisions concerning his own remuneration including the grant of warrants. The committee also ensures that the Board has a formal and transparent appointment procedure and has primary responsibility for reviewing the balance and effectiveness of the Board and identifying the skills needed by the Board and by those individuals who might best provide them. The remuneration and nominations committee consists of Khalid Al Nasser and Abdullah I. S. Lootah.

The Group will comply with Rule 21 of the AIM Rules regarding dealings in the Company's shares and will ensure compliance by the Directors and applicable employees. The Group has adopted a share dealing code appropriate for a company admitted to trading on AIM.

Directors' remuneration

The services of each of Directors: Saad Al Fouzan, Khalid Al Nasser, Mohammed Al Zaabi & Abdullah Ibrahim Saeed Lootah are provided under the terms of letters of appointment between the Group and each of them.

The total amounts for Directors' remuneration payable during the period were as follows:

Approval

This report was approved by the Board of Directors on 15 December 2015 and signed on its behalf by:

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Saad Al Fouzan

15 December 2015

Statement of directors' responsibilities

The Directors are to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Group at the end of the financial period and of the profit or loss of the Group for that period. In preparing those consolidated financial statements, the Directors are required to:

· Select suitable accounting policies and then apply them consistently;

· Make judgements and estimates that are reasonable and prudent;

· State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the consolidated financial statements;

· Prepare the consolidated financial statements on the going concern basis unless it is inappropriate to assume that the Group will continue in business.

The Directors confirm that they have complied with the above requirements in preparing the consolidated financial statements.

The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Group and to enable them to ensure that the consolidated financial statements comply with International Financial Reporting Standards. They are also responsible for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Director ………………..

Director …………….….

15 December 2015

Independent Auditors' Report

To the Shareholders of Tejoori Limited

Report on the Consolidated Financial Statements

We have audited the accompanying consolidated financial statements of Tejoori Limited ("the Company") and its subsidiaries (collectively referred to as "the Group") which comprise the consolidated statement of financial position as at 30 June 2015, the consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, we consider internal controls relevant to the entity's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as at 30 June 2015 and its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards.

KPMG Lower Gulf Limited

Consolidated statement of financial position

as at 30 June

These consolidated financial statements were approved for issue by the Board of Directors of the Company on and signed on its behalf by:

________________ ________________

Director Director

The notes set out on pages 12 to 33 are an integral part of these consolidated financial statements.

The independent auditors' report is set out on page 7.

Consolidated statement of profit or loss and other comprehensive income

for the year ended 30 June

The notes set out on pages 12 to 33 are an integral part of these consolidated financial statements.

The independent auditors' report is set out on page 7.

Consolidated statement of changes in equity

for the year ended 30 June

The notes set out on pages 12 to 33 are an integral part of these consolidated financial statements.

The independent auditors' report is set out on page 7.

Consolidated statement of cash flows

for the year ended 30 June

The notes set out on pages 12 to 33 are an integral part of these consolidated financial statements.

The independent auditors' report is set out on page 7.

Notes to the consolidated financial statements

1. Legal status and principal activities

Tejoori Limited ("the Company") and its subsidiaries (together, "the Group") are self-managed investment companies.

The Company is incorporated and domiciled in the British Virgin Islands and its registered address is PO Box 173, Kingston Chambers, Road Town, Tortola, British Virgin Islands. The Company's operations are managed from the United Arab Emirates (UAE).

The principal activity of the Group is investment in Shari'a compliant ventures worldwide.

The Company has the following subsidiaries and special purpose vehicles.

Tejoori Emirates LLC is a Limited Liability Company incorporated in the Emirate of Dubai, United Arab Emirates ("UAE") on 15 August 2006 under Federal Law No 8 of 1984 (as amended) applicable to commercial companies. Its registered address is P.O Box 75008, Dubai, United Arab Emirates. Tejoori Emirates LLC has been nominated to hold title over investment properties.

Lagoons Plot 1 Limited, Lagoons Plot 2 Limited and Lagoons Plot 3 Limited are companies registered in British Virgin Islands, incorporated on 6 June 2006. These special purpose vehicles were established for the purpose of acquiring plots of land in the Lagoon project in Dubai, UAE. During the year ended 30 June 2013, the purchase agreement for the Lagoon plots was cancelled and pursuant to an agreement with the seller on 9 December 2012, the advanced payments against these plots were adjusted against the purchase price of three plots of land in the Arjan project in Dubai, United Arab Emirates (refer note 10).

Tejoori Environmental M.E. Limited, Lagoons Plot 1 Limited, Lagoons Plot 2 Limited and Lagoons Plot 3 Limited are currently dormant entities due for dissolution.

The preparation of these consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of the Group's accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and associated assumptions are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances, and have significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year as discussed below:

(i) Classification of investments

Judgements are made in the classification of financial instruments based on management's intention at the time of acquisition.

The Group treats available-for-sale equity investments as impaired when there has been a significant or prolonged decline in the fair value below its cost or where other objective evidence of impairment exists. The determination of what is "significant" or "prolonged" requires considerable judgement.

(ii) Valuation of unquoted investments

Valuation of unquoted investments, not reported on by custodian banks, requires considerable judgement by the Group and is normally based on one of the following:

i. Recent arm's length transactions;

ii. Current fair value of another instrument that is substantially the same;

iii. The expected cash flows discounted at current rates applicable for items with similar terms and risk categories;

iv. When the investment is held through a third party fund, the present valuation reported by the fund manager from time to time; and

v. Other valuation models.

Where the valuation of unquoted investments is made by the custodian bank, the judgement is by the custodian bank and not the Group.

e) Change in accounting policies

The Group has adopted the following new standards and amendments to standards, including any consequential amendments to other standards, with a date of initial application of 1 July 2014:

(i) Investment entities (Amendments to IFRS 10, IFRS 12 and IAS 27);

(ii) Offsetting Financial Assets and Financial Liabilities (Amendments to IAS 32);

(iii) Recoverable amount disclosures for non-financial assets (Amendments to IAS 36);

(iv) IFRIC Levies;

Investment entities (Amendments to IFRS 10, IFRS 12 and IAS 27)

The amendments to IFRS 10, define an investment entity and require a reporting entity that meets the definition of an investment entity not to consolidate its subsidiaries but instead to measure its subsidiaries at fair value through profit or loss in its consolidated and separate financial statements.

Consequential amendments have been made to IFRS 12 and IAS 27 to introduce new disclosure requirements for investment entities.

Since the Group is not an investment entity (assessed based on the criteria set out in IFRS 10 as at 1 January 2014), the application of the amendments had no impact on the disclosures or the amounts recognised in the Group's financial statements.

Offsetting financial assets and financial liabilities (Amendment IAS 32)

The amendments to IAS 32 clarify when an entity currently has a legally enforceable right to set-off and when gross settlement is equivalent to net settlement.

The change did not have a material impact on the Group's financial statements.

Recoverable amount disclosures for non-financial assets (Amendment IAS 36)

The amendments to IAS 36 remove the requirement to disclose the recoverable amount of a cash-generating unit (CGU) to which goodwill or other intangible assets with indefinite useful lives had been allocated when there has been no impairment or reversal of impairment of the related CGU. Furthermore, the amendment introduce additional disclosure requirements applicable to when the recoverable amount of an asset or a CGU is measured at fair value less cost of disposal. These new disclosures include the fair value hierarchy, key assumptions and valuation techniques used which are in line with the disclosure required by IFRS 13 Fair Value Measurement.

The change did not have a material impact on the Company's financial statements.

IFRIC 21 Levies

IFRIC 21 defines accounting for a liability to pay a levy that is a liability in the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets.

The change did not have a material impact on the Company's financial statements.

The adoption of the above standards does not have a material impact on the Group's financial statements.

b) Return on Wakala deposits

Return on Wakala deposits is recognised on a time proportionate basis in the consolidated statement of comprehensive income using effective yield method. Effective yield is the rate that exactly discounts the estimated future cash payments and receipts through the expected life of the Wakala deposit (or, where appropriate, a shorter period) to the carrying amount of the Wakala deposit.

c) Dividend income

Dividend income is recognised in profit or loss on the date that the right to receive payment is established which is usually the date when the shareholders have approved the payment of a dividend. Dividend income from equity securities designated as available-for-sale is recognised in profit or loss as a separate line item.

d) Foreign currency transactions

Transactions denominated in foreign currencies are translated into US Dollars ("USD") at the foreign exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated into USD at the foreign exchange rate at that date. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated into USD at the foreign exchange rate at the date that the fair value was determined. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction.

e) Property and equipment

Property and equipment is stated at cost less accumulated depreciation. Depreciation is calculated on the straight-line method to write down the cost of assets to their estimated residual values over their expected useful economic lives as follows:

Years

Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount being the higher of the net fair value and value in use.

Gains and losses on disposal of property and equipment are determined by comparing the sales proceeds to their carrying amount and are taken into account in determining profit / loss for the year. Repairs and renewals expenses are charged to the profit or loss when the expenditure is incurred.

f) Investment property

Investment property is property held either to earn rental income or for capital appreciation or for both. Investment property is recognised when the full purchase price is paid and legal and beneficial title is transferred to the Group. Investment property is measured at cost on initial recognition and subsequently at fair value with any change therein recognised in profit or loss.

Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in profit or loss.

The Group determines fair value on the basis of valuation provided by an independent valuer who holds a recognised and relevant professional qualification.

g) Provisions

A provision is recognised if, as a result of a past event the Group has a present legal or constructive obligation that can be estimated reliably and it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

h) Financial instruments

The Group classifies the financial assets into the following categories: financial assets at fair value through profit or loss, held-to-maturity financial assets, loans and receivables and available-for-sale financial assets.

The Group classifies non-derivative financial liabilities into the other financial liabilities category.

Non-derivative financial assets and financial liabilities - Recognition and derecognition

The Group initially recognises loans and receivables and debt securities issued on the date when they are originated. All other financial assets and financial liabilities are initially recognised on the trade date.

The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred, or it neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control over the transferred asset. Any interest in such derecognised financial assets that is created or retained by the Group is recognised as a separate asset or liability.

The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire.

Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously.

Non-derivative financial assets - Measurement

Available-for-sale

These assets are initially recognised at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at fair value and changes therein, other than impairment losses, are recognised in OCI and accumulated in the fair value reserve. When these assets are derecognised, the gain or loss accumulated in equity is reclassified to profit or loss.

Non-derivative financial liabilities - Measurement

Non-derivative financial liabilities are initially recognised at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these liabilities are measured at amortised cost using the effective yield method.

Fair value measurement principles

Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction on the measurement date.

When available, then the Group measures the fair value of an instrument using quoted prices in an active market for that instrument. A market is regarded as 'active' if quoted prices are readily and regularly available and represent actual and regularly occurring market transaction on an arm's length basis.

Assets and long positions are measured at a bid price; liabilities and securities sold short are measured at an asking price.

Fair value hierarchy

Inputs to valuation techniques reasonably represent market expectations and measures of the risk-return factors inherent in the financial instrument.

Fair value of derivatives that are not exchange traded is estimated at the present value of the amount that the Group would need to pay to terminate the contract at the reporting date taking into account current market conditions and the current credit worthiness of the counterparty.

Fair values reflect the credit risk of the instrument and include adjustments to take account of the credit risk of the Group and the counterparty, where appropriate. Fair value estimates obtained from models are adjusted for any other factors, such as liquidity risk or model uncertainties; to the extent that the Group believes a third-party market participant would take them into account in pricing a transaction.

The Group uses the following fair value hierarchy that reflects the significance of the inputs used in making the measurements:

Level 1: Quoted market price (unadjusted) in an active market for an identical instrument.

Level 2: Valuation techniques based on observable input, either directly (i.e., as prices) or indirectly (i.e., derived from prices). This category includes instruments valued using: quoted market prices in active markets for similar instruments; quoted prices for identical or similar instruments; or other valuation techniques where all significant inputs are directly or indirectly observable from market data.

Level 3: Valuation techniques using significant unobservable inputs- this category includes all instruments where the valuation technique includes inputs based on observable data and the unobservable inputs have a significant effect on the instrument' valuation. This category includes instruments that are valued based on quoted prices for similar instruments where significant unobservable adjustments or assumptions are required to reflect differences between the instruments.

Gains and losses on subsequent measurement

Gains and losses arising from changes in the fair value of the 'financial instruments at fair value through profit or loss' category are included in profit or loss in the period in which they arise.

Impairment of financial assets

At each reporting date, the Company assesses whether there is objective evidence that financial assets not carried at fair value through profit and loss ("FVTPL") are impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the assets, and that the loss event has an impact on the future cash flows of those assets that can be estimated reliably.

Individually significant financial assets are tested for impairment on an individual basis.

In the case of equity investments classified as available-for-sale, a significant or prolonged decline in the fair value of the security below its cost is considered as objective evidence in determining whether the assets are impaired. If any such evidence exists for such financial instruments, impairment loss is recognised.

Financial assets are written off only in circumstances where all collecting activities have been exhausted.

Impairment losses on financial assets classified as available-for-sale are recognised by transferring the cumulative loss that has been recognised in other comprehensive income to the profit or loss. The cumulative loss that is reclassified from other comprehensive income to the profit or loss is the difference between the acquisition cost, net of any principal repayment and amortisation, and the current fair value, less any impairment loss previously recognised in the profit or loss.

An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount, and the present value of the estimated future cash flows discounted at the original effective interest rate.

If, in a subsequent period, the fair value of an impaired debt security classified at fair value through other comprehensive income, increases and the increase can be objectively related to an event occurring after the impairment loss was recognised in the profit or loss, the impairment loss is reversed, with the amount of the reversal recognised in the profit or loss. However, any subsequent recovery in the fair value of an impaired equity investment classified as available-for-sale is not reversed through the profit or loss and is recognised in other comprehensive income.

Non-financial assets

The carrying amounts of the Company's non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset's recoverable amount is estimated.

The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the "cash-generating unit").In the case where asset's carrying amount exceeds its recoverable amount as estimated, an impairment loss is recognised in the profit or loss as the difference between carrying amount of asset and its recoverable amount.

Impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists and reversal is made if there has been a change in the estimates used to determine the recoverable amount. The reversal is made only to the extent that the asset's revised carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

i) New standards and interpretations not yet adopted

A number of new standards, amendments to standards and interpretation are effective for annual periods beginning on or after 1 January 2014, and have not been applied in preparing these financial statements. Those which may be relevant to the Group are set out below. The Group does not plan to adopt these standards early.

The Group is currently reviewing the impact of the above mentioned standards.

4. Risk management

The board of directors of the Group is responsible for setting and managing the risk management framework of the Group.

The Group investment portfolio comprises an equity investment, investment property, Wakala deposits and cash and cash equivalents.

The Group has exposure to the following financial risk arising from the use of financial instruments:

· Credit risk;

· Liquidity risk and

· Market risk.

Credit risk

Credit risk is the risk that counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Group, resulting in a financial loss to the Group. It arises principally from Wakala deposits of the Group and cash and cash equivalents.

The Group seeks to manage its credit risks by monitoring credit exposures and assessing the creditworthiness of counterparties. The risk with respect to cash and cash equivalents is limited because the Group places funds with banks with good credit ratings.

The Group's maximum credit risk exposure at the reporting date is represented by the respective carrying amounts of the financial assets in the statement of financial position as follows:

As at 30 June 2015, 100% (2014: 100%) of the credit exposure is with entities based in the UAE.

Liquidity risk

Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations arising from its financial liabilities that are settled by delivering cash or another financial asset, or that such obligations will have to be settled in a manner disadvantageous to the Group.

The Group's approach to managing liquidity is to have sufficient liquidity to meet its liabilities, as and when due, without incurring undue losses or risking damage to the Group's reputation.

The Group maintains cash balances with banks to maintain liquidity and to pay other payables. At the reporting date the Group held USD 2,236,817 (2014: USD 10,105) in balances with a bank.

Market risk

Market risk is the risk that changes in market prices, such as property prices, profit rates, equity prices, foreign exchange rates and credit spreads (not related to changes in the obligor's / issuer's credit standing) will affect the Group's income or the value of its holding of financial instruments.

The Group's strategy on the management of investment risk is driven by the Group's investment objective.

The Group has limited exposure to currency risk as the majority of the Group's transactions are in USD and United Arab Emirate Dirham (AED). Foreign exchange risk is minimised as the AED is currently pegged to the USD.

The Group's available-for-sale investment represents the Group's primary exposure to currency risk. The investment pertains to an equity investment in Euro currency in a German company which has a carrying value as at 30 June 2015 of USD 3,350,000 (2014: USD 4,500,000).

A 5% strengthening / weakening in the value of the Euro against the US Dollar with all other variable held constant would result in an increase / decrease in the profit of the Group of USD 173,732 (2014: USD 214,286).

Profit rate risk

The Group is not significantly exposed to the profit cash flow rate risk. The cash balances are held in current accounts and are non-profit bearing. Wakala deposits are placed for a short term at a fixed profit rate of 5% p.a. (2014: 5% p.a.).

Equity price risk

Equity price risk is the possibility that equity prices will fluctuate, affecting the fair value of equity investments and other instruments that derive their value from a particular equity investment or index of equity prices.

The Group is exposed to equity price risk on its available-for-sale investment. A 5% strengthening or weakening in prices, with all or variables held constant would result in an increase / decrease in the profit of the Group of USD 173,732 (2014: USD 214,286).

Fair values

The fair values of the financial assets and liabilities are not materially different from their carrying values at the reporting date.

Capital management

The Group's objectives when managing capital are to safeguard the Group's ability to continue as a going concern in order to provide returns to shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.

5. Cash and bank balances

Cash at bank is placed with local banks based in the United Arab Emirates.

6. Wakala deposits

The Wakala deposits are placed with corporate entities in the United Arab Emirates and carry a profit rate of 5% per annum (2014: 5% per annum).

In view of the management, cash flows from such rescheduled deposits are fully recoverable, hence no impairment provision is required.

7. Other receivables

7.1 On 26 October 2008, the Group entered into a contract to sell its interest in Lagoons plot 3, for USD 12.6 million of which USD 3.1 million was receivable from the acquirer at the time.

In September 2012, the acquirer of the plot signed an agreement with the Group whereby the acquirer delegated the Group to perform settlement with the main developer of Lagoons plots for replacing the Lagoons plot with an alternative plot of land.

During the year ended 30 June 2013, the Group successfully replaced the Lagoons plots for alternative plots in the Arjan project located in Dubai, UAE. USD 0.6 million of the additional costs incurred on the exchange of plots was payable by the acquirer which has been added to the earlier receivable of USD 3.1 million. However, the acquirer has refused to settle the balance due to the Group. While the negotiations are ongoing to settle the dispute, no impairment has been recognised as the Group has not yet transferred the new plot of land in the Arjan project to the acquirer and holds it as collateral for the receivable.

8. Other assets

9. Available-for-sale investment

During the year ended 30 June 2007, the Group invested EUR 5.9 million to acquire 16.73% equity interest in BEKON Holding AG. BEKON Holding AG specializes in the construction and operation of biogas plants for the generation of electricity and gas injection, as well the production of quality compost and organic fertilizer.

During the year ended 30 June 2009, BEKON Holding AG increased its share capital, which was not participated by the Group, resulting in the dilution of the Group's investment to 15.16%.

During the year ended 30 June 2012 and 30 June 2013 BEKON Holding AG increased its share capital which further diluted the Group interest to 12.76% and then to 11.69% as at 30 June 2013.

On 2 July 2013, the Group interest was further diluted to 10.1% due to an additional increase in share capital by BEKON Holding AG.

As at 30 June 2015, the available-for-sale investment represents 10.1% (30 June 2014: 10.1%) investment in BEKON Holding AG.

10. Investment properties

The fair value of the investment properties, as determined by independent valuer as at 30 June 2015 is USD 13.9 million (2014: USD 16.5 million).

The Group follows the fair value model under IAS 40 (revised 2003) where investment property is defined as land and building owned for the purpose of generating rental income or capital appreciation, or both, are measured at fair value in accordance to IFRS 13 where the fair value is based on an open market valuation carried out by an independent registered valuer, who carried out the valuation in accordance with the Royal Institute of Chartered Surveyors Appraisal and valuation standard (6th Edition) and the relevant statements of the International Valuation Standards.

Valuation of investment properties

The Company has taken the highest and best use fair values for the fair value measurement of its investment properties. Investment properties are measured under level 3 of fair value hierarchy.

11. Due to a shareholder

In accordance with the Group's placement document issued at the time of the Initial Public Offer (IPO), the shareholding of individual investors from the IPO cannot exceed eight percent of the issued and fully paid share capital. This balance represents funds received from a shareholder in excess of the eight percent limit and is refundable to the shareholder unless the Group is able to secure additional capital from the other shareholders.

12. Trade and other payables

13. Share capital

The authorised share capital of the Company comprises 100 million shares of USD 0.01 each (2014: 100 million shares of USD 0.01 each).

The issued and fully paid share capital of the Company comprises 27,708,864 shares of USD 0.01 each (2014: 27,708,864 shares of USD 0.01 each).

14. Share premium

Share premium represents amounts received from shareholders in excess of the nominal value of the shares allotted to them.

15. Administrative and other operating expenses

15.1 Subsequent to the year ended 30 June 2013, the Directors passed a resolution for cancelling the previous arrangement for outsourcing of administrative services to an outsourcing company Injaz Capital Investments LLC, and replaced it with a monthly salary for the Chief Executive Officer (CEO) and his management team of USD 2,500 per month as well as setting a maximum cap on administrative and general expenses to USD 150,000 excluding Board of Directors fees. USD 18,487 has been charged from the CEO's salary in order to keep in line with this resolution.

16. (Loss) / earnings per share

The basic earnings per share is calculated by dividing the net profit/loss attributable to shareholders by the weighted average number of ordinary shares in issue during the year.

17. Related party transactions and balances

Related parties comprise shareholders, directors, key management, businesses controlled by shareholders or directors as well as businesses over which they exercise significant influence. During the year, the Group entered into significant transactions with related parties in the ordinary course of business. The transactions and balances arising from these transactions are as follows:

18. Segmental reporting

Following the management approach of IFRS 8, operating segments are reported in accordance with the internal reporting provided to the Board of Directors (the chief operating decision-maker), which is responsible for allocating resources to the reportable segments and assesses its performance. The Group is managed as one unit and therefore the Board of Directors are of the opinion that the Group is engaged in a single segment of investing in Shari'a compliant investments worldwide.

19. Fair value measurement - fair value hierarchy

The table below analyses financial instrument measured at fair value at the end of the reporting period, by the level in the fair value hierarchy into which the fair value measurement is categorised:

During the year there were no fair value hierarchy transfers between all levels above. Further, there has been no change in the valuation techniques in relation to the valuation of financial instruments.

The following table shows a reconciliation from the beginning balances to the ending balances for fair value measurement in Level 3 of the fair value hierarchy:

Significant unobservable inputs used in measuring fair value:

Valuation techniques

The fair value of investments is assessed based on multiple valuation techniques including discounted cash flows, market multiples', recent arm's length transactions between knowledgeable, willing parties (if available). The Group uses the most relevant valuation technique or combination of techniques specific to each investment in order to determine the fair value.

The Group calibrates these valuation techniques and tests them for validity by stress testing the investments and making an appropriate adjustment where there could be a material effect.

Significant unobservable inputs are developed as follows:

Discount rate:

A discount rate is used to determine the net present value of the expected future cash flows when using the Discounted Cash Flow valuation technique. The discount rate used is specific to each individual investment and reflects relevant factors such as liquidity risk, political/country risk, execution risk, foreign exchange risk etc.

EV/EBIT multiple:

Enterprise value to earnings before interest and tax (EV/EBIT) is a measurement to share in the Group is economical, relative to the competing firms or the wider market. EV/EBIT values the Group regardless of its capital structure.

P/BV multiple:

The price-to-book value ratio, expressed as a multiple, is an indication of how much shareholders are paying for the net assets of the investment.

EV/EBITDA multiple:

Enterprise value to earnings before interest, tax, depreciation and amortisation (EV/EBITDA), is a measurement for estimating the investment value, by comparing the value of one company to the value of another company within the same industry.

EV/Revenue multiple:

Enterprise value to revenue is a measure used to decide the share price of the investment. This measure is an expansion of the price-to-sales valuation, which uses market capitalisation instead of enterprise value.

Financial instruments not measured at fair value

These include cash and bank balances, other receivables and trade and other payables and are measured under level 3 of fair value hierarchy. Management believes that the fair values of those instruments are approximately equal to their carrying values.

20. Comparative figures

Certain comparatives have been reclassified, wherever necessary, to conform to the presentation adopted in these consolidated financial statements; however there were no significant reclassifications during the year.