Eshraq wants to get its ADX-listed shares classified as Sharia compliant. Image Credit: Gulf News Archive

Dubai: Eshraq Investments will resume a share buyback programme and “rebalance” its investment portfolio. The company is also engaging with Sharia boards at major banks to regain the Sharia-compliant status for its shares traded on ADX.

“Our investment diversification implemented last year has further proven Eshraq’s resilience as we record operating income, despite the negative impact of COVID-19 that brought vital sectors of our real estate and tourism economy to a near standstill,” said Jassim Alseddiqi, Chairman.

On the buyback, the intention is to make full use of the current “low price’ of the share. (It is now at 43 fils.)

The investment portfolio will be realigned between real estate, fixed income, equities, and technology exposures.

The real estate and finance operations generated positive operational income for the six-month period, while the investment portfolio generated “strong” income from investments and deposits. But the equity portfolio suffered non-cash losses on account of the COVID-19 related market downturn.

Eshraq had net profits of Dh20.45 million for the second quarter, and a net loss of Dh26.7 million for the first six months.