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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

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.

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