Tamweel profit rises almost five-fold

by Reuters Tuesday, 08 May 2007

Dubai-based Islamic mortgage lender Tamweel said on Tuesday first-quarter net profit surged almost five-fold as its mortgage lending business grew.

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Tamweel made 50.47 million dirhams ($13.74 million) in the three months to March 31, compared with 10.19 million dirhams in the year-earlier period, it said in a statement on the Dubai bourse website.
Income from Islamic financing and investing assets rose 90% to 45.84 million dirhams in the quarter, the company said.

Total assets rose 94% to 3 billion dirhams.



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