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Tamweel swings back into profit

Mortgage provider reverses trend

Gulf News

Dubai: Tamweel PJSC, the Dubai-based Islamic mortgage provider, yesterday announced it swung to a full year 2010 net profit of Dh26 million from a net loss of Dh54.4 million in the year earlier.

Earnings per share for 2010 came in at Dh0.03 compared with a loss per share of Dh0.06 for 2009, the company said in a statement posted on the Dubai Financial Market's website.

"We are extremely pleased to share our positive financial results for 2010, which follow Tamweel's recent, successful return to the market," said Abdullah Al Hamli, Chairman of Tamweel.

"The year 2010 was clearly a milestone year for Tamweel. Following a period of international and regional financial uncertainty, the global economic outlook has improved substantially and we are witnessing signs of recovery in the UAE including in the property market," he added.

In November 2010, Tamweel announced it would offer up to 80 per cent financing of the current value of residential properties in Dubai and Abu Dhabi.

The company also recently announced the launch of a promotional finance offer starting at 4.99 per cent per annum and said it would extend finance to salaried and self-employed residents who meet the required eligibility criteria.

Blair Hagkull, Chairman of Jones Lang LaSalle, Middle East and North Africa, said the results looked to be a step in the right direction with respect to the broader real estate market.

He said: "Tamweel has been clearly recognised as a leader in home finance in Dubai. The expanded ownership stake taken by Dubai Islamic Bank has provided stability, additional financial resources and an expected pipeline of financing options to this mortgage lender. The sub-five per cent mortgage funding has helped elevate Tamweel's profile in the local market.

"It will be important to gain greater insights into its business planning moving forward as their reported financial position in 2010 looks to have significantly outperformed overall market indicators and broader real estate investment sentiment."

  • 26m: Dirhams was Tamweel's full-year profit in 2010
  • 0.03: Dirhams was the earning per share in 2010

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