Islamic mortgage provider Tamweel enjoys good quarter

Fri, 22 Jul 2011
Islamic mortgage provider Tamweel has enjoyed a good start to the year, with impressive second quarter figures building on a solid first three months.

The lender recently reported a net profit of AED 27.7 million (£4.6 million) in Q2, which represents a continuation of the momentum it has built up so far in 2011.

Its good news comes after it resumed the trading of company shares and welcomed the equity participation from Dubai Islamic Bank.

The first half profit amounted to AED 54.9 million - a significant rise on the first six months of 2010, when the figure was just AED 10.5 million.

Tamweel chairman Abdulla Ali Al Hamli said: "Having returned to profit in 2010, Tamweel has maintained momentum by reporting strong profits for the first two quarters of 2011.

"As the United Arab Emirates real estate sector continues to strengthen, Tamweel remains well positioned to meet the increased demand for home finance solutions in the country."

Islamic mortgages allow borrowers to purchase homes without going against the teachings of the Muslim faith.
Salaam-u-Allaikum
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