Business | General

Tamweel repays $300m sukuk

Tamweel issued the sukuk in 2008

  • Zawya Dow Jones
  • Published: 18:20 January 30, 2013
  • Gulf News

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.

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