Issue No 278 - 11 Aug 2008
Tamweel profit to double

Islamic Mortgage Company Tamweel expects to almost double its profit in 2008, the Dubai-based company said on Wednesday.

Net income for the full year is expected to be in the range of 825 million dirham ($224.6 million) to 850 million dirham, or 0.82 dirham to 0.84 dirham a share, Tamweel said in a guidance note to investors and shareholders.

Tamweel posted profit attributable to shareholders of 451 million dirham, or 0.45 dirham per share in 2007. It more than tripled its profit in the second quarter as its home loan business grew on the back of a property boom in the world's fifth-largest oil exporter.

Islamic and financing assets are expected to be in the range of 10.6 billion dirham to 11.1 billion dirham in 2008. It posted a 68 percent rise in Islamic assets to 8.74 billion dirham in the first half of the year, Tamweel said.

Source: Trade Arabia News

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