Tamweel, the UAE Islamic home finance provider, net profit dropped 29 per cent to Dh72 million in 2012 as compared to Dh102 million in the previous year due to exceptional provisions relating to certain ongoing litigations for which the company made full provision while continuing to fight its rights.
Tamweel reported operating income at Dh603 million in 2012 compared with Dh601 million in 2011.
“During 2012, Tamweel continued to capitalise on the upturn in the UAE property market, by providing a complete suite of home finance solutions,” said Abdulla Ali Al Hamli, Chairman of Tamweel.
“As the company moves forward, we are uniquely positioned to play a full and active role in supporting the home finance needs of people looking to purchase property in the UAE.”
Varun Sood, Acting Chief Executive Officer of Tamweel, said: “Tamweel’s focus on service excellence continues to serve the Company well. 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.”
2012 has been a positive year for Tamweel, as the Company successfully secured funding of $300 million by placing USD denominated sukuk, Tamweel also closed the $210 million securitization transaction issued in 2007 by paying off all external investors.