Tamweel second-quarter profit increases 266%

Tamweel, an Islamic mortgage company, said yesterday that net profit for the second quarter increased by 266 per cent to Dh210.95 million from Dh57.56m in the second quarter of 2007.

Net profits for the first half of 2008 reached Dh387.3m, an increase of 259 per cent compared to Dh108.03m in the first half of 2007. Income from Islamic financing and investing assets increased to Dh210.77m in the second quarter, up 169 per cent, from Dh78.49m in the corresponding period of 2007, while the income went up by up 151 per cent to Dh350.28m in the first half as against Dh139.72m in the first half of 2007.

Sheikh Khaled bin Zayed bin Saqer Al Nahyan, Chairman of Tamweel, said: “Tamweel has registered extremely high growth, posting strong financial results. This sustained performance reflects the company’s strong business fundamentals and strategy as well as the demand for Tamweel’s innovative products and solutions.”

Wasim Saifi, Group CEO of Tamweel, said: “In the first half of this year, we have seen our book increase by 68 per cent, growing phenomenally over the past few years. Furthermore, we managed to maintain a healthy pipeline of financing commitments at Dh4.43 billion. Our accumulated financing assets under service now stand in excess of Dh13.64bn.

“Tamweel received its license to launch operations in Egypt. A fully owned subsidiary of Tamweel, the Egyptian company is expected to begin operations shortly. Closer to home, the firm launched Tamweel Properties & Investments, a fully owned subsidiary focusing on real estate investment and brokerage services,” he said.

“Tamweel continues to enhance its portfolio of innovative product offerings with the launch of ‘Irad’‚ buy-to-let programme for residential and commercial properties that allows homeowners and investors to benefit from current and future rental income,” he said.