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MENAFN - - 29/01/2012

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(MENAFN) Dubai-based Tamweel posted USD8 million net profit in the fourth quarter, a fourfold increase from a year earlier, Bloomberg reported.

Tamweel stopped lending in October 2008 in the wake of Dubai's financial crisis and the emirate's property crash. Along with Amlak Finance used to provide almost 90 percent of all mortgages in the UAE.

The company resumed lending after Dubai Islamic Bank raised its stake to 58 percent in September 2010 to help support the mortgage market.

Tamweel made its first offering since 2008 in January, selling USD300 million in sukuk.

 






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