Tamweel’s operating income rises slightly in 2012

Tamweel PJSC, the UAE’s Islamic home finance provider, on Monday announced that its operating income had risen slightly to Dh452 million in the first nine months of 2012 from Dh446 million in the same period of the previous year.

Net profit stood dropped to  Dh45 million from Dh 71 million in the same period last year due to provisions and higher funding costs.
 
“During the third quarter of 2012, Tamweel continued to implement its prudent approach to provisioning, ensuring the long-term profitability of the company and its ability to capitalise on the upturn in the UAE property market,” said Abdulla Ali Al Hamli, chairman of Tamweel.

Varun Sood, acting CEO  of Tamweel, said: “As the recovery of the UAE property sector gathers pace - with average home prices increasing between 10 per cent to 15 per cent over an 18-month period - Tamweel’s innovative, customer-centric solutions will keep us at the forefront of the country’s home finance market.”
 
In 2012, Tamweel secured funding of $300 million by placing dollar denominated sukuk, while Fitch Ratings has upgraded Tamweel’s Long Term IDR by two notches to ‘BBB+’ from ‘BBB-‘ with a stable outlook.

Tamweel also won the ‘Best Home Finance Company Award’ and ‘Best Home Finance Product Award’ at the Banker Middle East Awards.

The company was ranked first in the research findings of Arabian Business for Dubai’s Best 25 Performing Companies, the survey examining the change in share prices of firms listed on the Dubai Financial Market and Nasdaq Dubai during the first quarter of 2012. 


 

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