UAE Islamic mortgage provider Tamweel to resume Dubai trading next week

Dubai: Tamweel, one of the UAE’s largest Islamic mortgage providers, will resume trading on the Dubai Financial Market (DFM) next week, the company said Thursday.

Shares in Tamweel were suspended in late 2008 when talks over when a planned merger with its largest competitor, Amlak Finance, failed to materialise and Dubai Islamic Bank took full control of the company.

Tamweel, which Thursday reported a first quarter net profit of Dh27 million, hopes to resume trading on the DFM on Tuesday, May 10.

“Since the turn of the year, we have witnessed clear signs of increased economic stability, and this is evidenced by our strong first quarter financial performance, said Varun Sood, Tamweel’s acting chief executive officer.