Tamweel’s profit soars to Dh244m

Click here: Zawya.com –   Tamweel’s profit soars to Dh244m

Islamic mortgage lender Tamweel yesterday reported a 147 per cent jump in net profit to Dh244 million for the first nine months of 2007, up from Dh99 million in the corresponding period last year, a statement said. Net profit for the third quarter of this year stood at Dh136 million, an increase of 136 per cent over the Dh58 million of the second quarter and an increase of 175 per cent over the Dh49 million earned in the third quarter of last year. Income from Islamic financing and investing assets in the third quarter rose to Dh213 million, an increase of 97 per cent over the Dh108 million earned in the third quarter of last year.

Islamic financing and investing assets in the third quarter rose to Dh4.17 billion (excluding Dh771 million worth of assets removed off balance sheet after recent securitisation), an increase of 69 per cent compared to Dh2.47 billion for the same period of 2006. Assets under Tamweel management now exceed Dh9 billion. Tamweel chairman Shaikh Khalid Bin Zayed Bin Saqer Al Nahyan, said: “The strong results remain driven by our continued focus on our core operations and strengthening our dominance of the mortgage market with a solid 34 per cent market share. Adel Al Shirawi, Tamweel CEO, attributed the strong results to the focus of the team, extremely strong sales, and diversified funding mechanism.

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