Shares in Islamic mortgage lender Tamweel might resume trading soon, the company's chairman said on Monday, adding he was happy with the stake Dubai Islamic Bank had bought.
Details on when shares will trade again will be clearer after the extraordinary general meeting scheduled for Wednesday, Sheikh Khaled bin Zayed Al Nahyan told reporters on the back of an entrepreneurship event in Dubai.
"I feel regulators have been very cooperative and events will make resumption of trading soon," he said.
Dubai Islamic Bank said on Sunday it bought 339.3 million shares of Tamweel from Dubai Capital Group, Istithmar World and Dubai Financial Market.
In September, the bank raised its stake in Tamweel to 57.33 per cent, becoming the majority shareholder of the company, in a move that is expected to help revive lending.
"We are happy with DIB's stake in Tamweel for now," Sheikh Khaled said.
The property market has reached a bottom and prices are not expected to decline further, while Tamweel resuming lending will provide a boost to home financing, he added.
Sheikh Khalid said he expects the company to book Dh100 million of home loans each month.