Tamweel’s Q3 net profit falls 95 percent

Dubai-based finance lender Tamweel saw a third-quarter net profit of AED10 million ($2.72 million), down 95 percent as compared to the AED185.7 million it made during the same period last year, it said. Islamic financing and investing assets amounted to AED10.4 billion, the company said in a statement.

Tamweel made a net loss of AED65 million during the first nine months of the year, as compared to a profit of AED573 million during the same period last year.