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Dubai Islamic Bank may acquire Tamweel
The bank owns a near 20 percent in the UAE-based lender.
June 3, 2010 9:57 by Rasha Reslan
Beleaguered UAE mortgage lender, Tamweel may be acquired by Dubai Islamic Bank,DIB, the UAE’s largest Sharia compliant lender.
DIB owns a near 20 percent stake in the distressed mortgage lender, Reuters reported Thursday.
Tamweel is currently negotiating with creditors to restructure unpaid debt. The current proposal includes a reported 5 year moratorium on the outstanding debt, at 4 percent annually, Reuters added.