DUBAI — Tamweel, the UAE Islamic home finance provider, on Wednesday announced that it has repaid in full a $300 million five-year sukuk, which matured in January 2013.
This announcement follows the recent successful settlement by the company of its $210 million home finance asset-backed security issued in 2007, the mortgage company said in a statement.
Tamweel, which posted a 11.3 per cent drop in fourth-quarter net profit last week, said the proceeds of the sukuk issued in early 2008 were used for general Islamic financing and corporate purposes. “The timely repayment of the sukuk from its own resources demonstrates the financial strength and healthy fundamentals of Tamweel, as well as the funding depth of its majority shareholder Dubai Islamic Bank, or DIB,” the statement said.
http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/uaebusiness/2013/January/uaebusiness_January441.xml§ion=uaebusiness
This announcement follows the recent successful settlement by the company of its $210 million home finance asset-backed security issued in 2007, the mortgage company said in a statement.
Tamweel, which posted a 11.3 per cent drop in fourth-quarter net profit last week, said the proceeds of the sukuk issued in early 2008 were used for general Islamic financing and corporate purposes. “The timely repayment of the sukuk from its own resources demonstrates the financial strength and healthy fundamentals of Tamweel, as well as the funding depth of its majority shareholder Dubai Islamic Bank, or DIB,” the statement said.
http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/uaebusiness/2013/January/uaebusiness_January441.xml§ion=uaebusiness
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