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Mon 8 Nov 2010 04:18 PM

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Tamweel shares should resume trading soon

Islamic mortgage lender's chairman happy with the stake Dubai Islamic Bank has bought

Tamweel shares should resume trading soon
DUBAI DEAL: Dubai Islamic Bank said on Sunday it bought 339.3 million shares of Tamweel from Dubai Capital Group, Istithmar World and Dubai Financial Market (Getty Images)

Shares in Islamic mortgage lender Tamweel might resume trading soon, the
company's chairman said on Monday, adding he was happy with the stake Dubai
Islamic Bank had bought.

Details on when shares will trade again will be clearer after the
extraordinary general meeting scheduled for Wednesday, Sheikh Khaled bin Zayed
Al Nahyan told reporters on the back of an entrepreneurship event in Dubai.

"I feel regulators have been very cooperative and events will make
resumption of trading soon," he said.

Dubai Islamic Bank said on Sunday it bought 339.3 million shares of Tamweel
from Dubai Capital Group, Istithmar World and Dubai Financial Market.

In September, the bank raised its stake in Tamweel to 57.33 percent,
becoming the majority shareholder of the company, in a move that is expected to
help revive lending in Dubai's battered property market.

"We are happy with DIB's stake in Tamweel for now," Sheikh Khaled
said.

The property market has reached a bottom and prices are not expected to
decline further, while Tamweel resuming lending will provide a boost to home
financing, he added.

Sheikh Khalid said he expects the company to book AED100m of home loans each
month.

 

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AR 8 years ago

All we get is just talking, talking and talking. Their 'Extraordinary Meeting' passed ages ago, still no comment about when the shares will resume. I have no faith in them

Original Joe 8 years ago

I agree....I have had dead money tied up with this company for 2+ years. And why? No answers from anybody...