Dubai: Tamweel, a Dubai-based mortgage provider, on Wednesday said it repaid a $300 million (Dh1.1 billion) Islamic bond, or sukuk, that matured in January.
Dubai Islamic Bank owns 58.2 per cent of Tamweel and its board of directors recently approved a plan to take full ownership of the Islamic lender.
Tamweel issued the sukuk in 2008 for general Islamic financing and corporate purposes. It raised a similar amount in 2011, also via a five-year sukuk.
