Big profits for Islamic mortgage company

Mon, 30 Jan 2012
The increasing popularity of Islamic mortgages has been underlined by the strong profits recorded by a provider of the home loan option.

Tamweel revealed its revenue for the fourth-quarter increased considerably when compared with that reported 12 months earlier, while its full-year income quadrupled.

Abdulla Ali Al Hamli, chairman of the company, said the figures show that the organisation is now back in business after leaving behind the troubles of the Dubai mortgage market.

The industry figure stated: "2011 witnessed significant success for Tamweel as evidenced by resuming new business origination and the resumption of share trading."

Acting chief executive officer Varun Sood noted the Islamic mortgage firm has recognised the changing needs of its customers and has developed products over recent years that are designed to satisfy these requirements.

He added the company has placed added focus on after-sales support and the offering of value-added services.

The news comes after Macleans reported that Walid Hejazi, associate professor of international business in the Rotman School of Management at the University of Toronto, believes the appeal of Islamic mortgages increased in the aftermath of the global economic downturn.
Salaam-u-Allaikum
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