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Tue 8 May 2007 08:15 PM

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Tamweel profit rises almost five-fold

Dubai's Islamic mortgage lender has said its first-quarter net profit surged to $13.74m.

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

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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