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Dubai’s Tamweel to start trading in 10 days – paper

Tamweel has declined to comment but Al Ittihad newspaper reports Islamic mortgage lender is ready to start trading again.


April 19, 2011 3:16 by

Islamic mortgage lender Tamweel, which stopped trading its shares in November 2008, will resume trading on the Dubai bourse in ten days, an Arabic daily newspaper said on Tuesday.

Abdulla Al Hamli, the chairman of Tamweel was quoted by Al Ittihad newspaper saying the company will be trade on the Dubai Financial Market in the next ten days at the latest.

Tamweel declined to comment on the report.

Tamweel began new mortgage lending earlier this year after Dubai Islamic Bank (DIB) took a majority stake of 57.33 percent in September 2010. The move effectively rendered Tamweel a subsidary of DIB.

The United Arab Emirates government said in November 2008 it intended to merge Tamweel with rival Islamic mortgage lender Amlak. Shares in the two have not traded since. (Reporting by Praveen Menon; Editing by Dinesh Nair)


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