- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 04:36 05:52 12:21 15:49 18:45 20:02
Following Dubai Islamic Bank’s recent takeover of Tamweel, the Dubai-based Islamic mortgage lender will hold its first Annual General Meeting. (FILE)
A general meeting of Tamweel shareholders is likely to be convened within a couple of months to approve the change in the majority shareholding of the Islamic mortgage lender.
Tamweel has more than 50,000 shareholders.
Dubai Islamic Bank (DIB) has emerged as the largest shareholder with a majority stake of 57.3 per cent. Effectively, Tamweel has become a subsidiary of the world's first fully-fledged Islamic bank.
The shareholders' meeting is also likely to be called to approve the new management strategy for Tamweel as well as steps to resume trading of the suspended share at the Dubai Financial Market (DFM).
Previously, DIB had held a 20.7 per cent stake in the Islamic mortgage lender. The additional equity was acquired from Istithmar [21 per cent] and other entities in a deal that has the blessings of the Dubai Government. The value were not disclosed.
Shares of both Tamweel and its competitor Amlak have been suspended from trading at DFM since November 2008.
Follow Emirates 24|7 on Google News.