Sharia-compliant mortgage lender Tamweel said on Monday its shareholders had approved the company's delisting from the Dubai stock exchange, paving the way for its acquisition by Dubai Islamic Bank. Dubai Islamic Bank said in January it planned to acqu…
Dubai Islamic Bank Group (DIB) today announced that its Long Term Issuer ratings have been affirmed by Moody’s at Baa1 and the outlook has been moved to “Stable”. The confirmation of DIB’s ratings reflects the recent capital injection and the expectation that asset quality pressure will ease which, in turn, should support profitability, according to Moody’s. Morover, the systemic importance of the bank to the banking sector and the government ownership of 34% were also cited as some of the factors for the decision. Moody’s also affirmed the long term issuer ratings of Tamweel, which is a subsidiary of the bank (86.5% owned by DIB) at Baa3 and with the recent move by DIB to take over the company, Tamweel’s outlook on ratings has been upgraded to “Positive.”
Following approval from the Securities and Commodities Authority, Dubai Islamic Bank (DIB) has published its formal offer for the shares in Tamweel. Tamweel shareholders will receive 10 new DIB shares for 18 Tamweel shares. They will receive a copy of the offer, the offer statement and the acceptance form by mail and can accept until 5pm on Saturday, March 16. DIB’s offer is subject to final approval from its shareholders and will be presented to them at an extraordinary general meeting to be held on March 3.
Tamweel today announced that it had repaid in full a $300 million five-year Sukuk, which was issued in early 2008 and matured in January 2013. The proceeds were used for general Islamic financing and corporate purposes. The timely repayment of the Suku…
On Thursday , Dubai Islamic Bank announced its board’s approval of the plans to fully acquire its mortgage unit Tamweel. The bank already holds 58.2% of the stakes. It further intends to make a tender offer to buy all shares off Tamweel’s other shareho…
Islamic mortgage provider Tamweel registered a drop in the profit during the third quarter of the year. The drop is as high as 46,5%, which misses the forecasts of analysts by far. The 8.4 million dirhams ($2.3 million) net profit in Q3 of 2012 contras…
Dubai’s Tamweel has launched a $300 million five-year sukuk.
The transaction is guaranteed by majority shareholder Dubai Islamic Bank and comes after a series of roadshows which took place before year-end. No pricing guidance was presented in the docum…
Tamweel hired banks for a possible bond sale as it looking for financing to repay liabilities and increase lending. The shares presented a jumprecord in a month.
Citigroup, Standard Chartered and Dubai Islamic Bank will make appointments for investor m…
Tamweel will launch a $300-$500 million sukuk in the fourth quarter. The statement was given by Varun Sood, the acting chief executive of Tamweel.
He added that they are depending on the fact that there is demand for Islamic paper.
Three banks were cho…
Tamweel PJSC aims to tap the debt market this year for the first time since 2008 as demand for Islamic bonds keeps borrowing costs near six-year lows.
Tamweel will launch either a benchmark-sized sukuk or a mortgage-backed security in the fourth quarte…
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