Tamweel named 'Best Mortgage / Home Finance House' at Banker Middle East Industry Awards

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This prestigious award from a reputed industry title further strengthens Tamweel's leadership position in the region, based on its superior products and all-round performance.

As one of the most respected and widely read financial publications in the region, Banker Middle East has been organising the Banker Middle East Industry Awards for eight years, providing the benchmark for successful institutions in the MENA region. Tamweel was nominated by a panel comprised of international industry specialists and then voted as the winner in its category in a competitive process including other real estate finance firms and financial institutions in the region.

Receiving the award, Abdulla Nasser Abdulla, Deputy Group Chief Executive Officer of Tamweel, said:

'Tamweel is honoured to receive the prestigious Banker Middle East Industry Award. With our solid understanding of the needs and dynamics of the real estate sector, we have strived to create innovative solutions for homeownership, backed by a strong customer service culture. Such industry awards are a testament to our efforts and reflect the wide recognition that Tamweel has earned based on the merit of our industry-leading performance.'

Wasim Saifi, Group Chief Executive Officer, Tamweel, said that earlier this year, Tamweel has been the recipient of several industry awards including, 'Best Islamic Home Finance Product' at the Banker Middle East Product Awards; 'Islamic Finance Deal of the Year' at the Euromoney Awards; 'Structured Finance Deal of the Year Award' from Islamic Finance News; as well as Superbrand award from the UAE Superbrand Council.

Tamweel's net profit in the first quarter of 2008 reached Dhs176.34m, an increase of 249% compared to Dhs50.47m in the first quarter of 2007. In the first quarter of this year alone, Tamweel booked a record Dhs2.54bn in financed properties, while accumulated financing assets under service are now, more than Dhs11.52bn. Tamweel commands the largest market share in the real estate finance industry and is the largest provider of real estate finance in the UAE.

The company also recently established Tamweel Properties & Investments LLC, a fully owned subsidiary that will focus on real estate investment and also offer brokerage services.

More than 70 financial institutions were nominated for the Banker Middle East Industry Awards 2008 by leading regional financial experts. The nominees were then announced to readers of Banker Middle East, who cast their votes to decide the winners. The event was attended by more than 500 senior bankers and is a highlight of the regional banking and finance industry's calendar.