Tamweel to hold first AGM in over two years

Following Dubai Islamic Bank’s recent takeover of Tamweel, the Dubai-based Islamic mortgage lender will hold its first Annual General Meeting (AGM) in more than two years on November 10, 2010, to, inter alia, approve the company’s balance-sheet and P&L accounts of the past two years (2008 and 2009), according to its disclosure to the Dubai Financial Market (DFM), where its shares are listed.

Another item on the agenda for the Tamweel AGM is “appointing members of the Board of Directors,” according to the company’s statement on the DFM website.

The statement, signed by Group CEO Wasim Saifi, also notes that the agenda includes discussing the remunerations of the Board of Directors, appointing the auditors and determining their remuneration, and approving the appointment or reappointment of the Fatwa and Sharia Supervisory Board for the financial year ending December 31, 2010.

Tamweel shares were suspended in late 2008 following discussions for a possible merger with Amlak Finance, another DFM-listed Islamic mortgage provider, but those talks did not result in a merger announcement and shares in both companies remain suspended till date.

Following the DIB takeover of Tamweel last month, DIB officials said that Tamweel shares would remain suspended from trading for a few months. According to DFM’s records, Tamweel’s last AGM was held on March 31, 2008.

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