Tamweel expansion
Tamweel, the UAE's largest mortgage lender by market value, said yesterday it had agreed a 1.7 billion dirham ($463 million) loan facility with Emirates Islamic Bank to fund expansion.
The loan, like Tamweel's mortgage business, complies with Islam's ban on lending on interest, the company said. Emirates Islamic is a unit of Emirates NBD, the Gulf's largest bank by assets. Tamweel sold $210m of mortgage-backed bonds this year to free up cash for expansion.
The loan agreement with Emirates Islamic would allow Tamweel to expand in the UAE and region, the company said in a statement. It did not give the terms of the loan.
Tamweel overtook Dubai-based rival Amlak Finance this year as the largest home loan company by market value.
Tamweel's stock has risen almost 71 per cent since January 1. Amlak's has fallen more than 11pc.
The loan, like Tamweel's mortgage business, complies with Islam's ban on lending on interest, the company said. Emirates Islamic is a unit of Emirates NBD, the Gulf's largest bank by assets. Tamweel sold $210m of mortgage-backed bonds this year to free up cash for expansion.
The loan agreement with Emirates Islamic would allow Tamweel to expand in the UAE and region, the company said in a statement. It did not give the terms of the loan.
Tamweel overtook Dubai-based rival Amlak Finance this year as the largest home loan company by market value.
Tamweel's stock has risen almost 71 per cent since January 1. Amlak's has fallen more than 11pc.
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