Tamweel announces net profit of Dhs387.3m for first half of 2008

Sheikh Khaled bin Zayed bin Saqer Al-Nehayan, Chairman of Tamweel, announced that the company's net profits in the first half of 2008 reached Dhs387.3m, an increase of 259% compared to Dhs108.03m in the first half of 2007.

Net profits for the second quarter of 2008 touched Dhs210.95m, an increase of 266% from Dhs57.56m in the second quarter of 2007.

Income from Islamic financing and investing assets in the first half of 2008 increased to Dhs350.28m, up 151% compared to Dhs139.72m in the first half of 2007.

Income from Islamic financing and investing assets increased to Dhs210.77m in the second quarter of 2008, up 169% compared to Dhs78.49m in the corresponding period in 2007.

Islamic financing and investing assets in the first half of 2008 increased to Dhs8.74bn, an increase of 68% compared to Dhs5.22bn at year end 2007.

Sheikh Khaled bin Zayed bin Saqer Al-Nehayan said:

"I am pleased to announce that Tamweel continues to register extremely high growth, posting consistently strong financial results. This sustained performance reflects the company's strong business fundamentals and strategy as well as the demand for Tamweel's innovative products and solutions."

Wasim Saifi, Group Chief Executive Officer of Tamweel, said: "In the first half of this year, we have seen our book increase by 68%, growing phenomenally over the past few years. Furthermore, we managed to maintain a healthy pipeline of financing commitments at Dhs4.43bn. Our accumulated financing assets under service now stand in excess of Dhs13.64bn.

He added: "Expanding our geographic reach outside the UAE as we implement our regional leadership strategy, Tamweel received its license to launch operations in Egypt. A fully-owned subsidiary of Tamweel, the Egyptian company is expected to begin operations shortly. Closer to home, the company launched Tamweel Properties & Investments LLC, a fully owned subsidiary that will focus on real estate investment and also offer brokerage services.

"Tamweel continues to enhance its portfolio of innovative product offerings with the launch of 'Irad' buy-to-let programme for residential and commercial properties that allows homeowners and investors to benefit from current and future rental income."

He concluded: "Such sterling performance has not gone unnoticed by the industry. In the past six months Tamweel has been recognised locally and internationally for its product portfolio and landmark transactions. Most recently, Tamweel won the 'Best Home Finance' category at this year's inaugural Arabian Property Awards and was also named 'Best Mortgage/Finance House' at this year's Banker Middle East Industry Awards.

"Tamweel was also the recipient of the 'Islamic Finance Deal of the Year' at the Euromoney Awards, the 'Structured Finance Deal of the Year Award' from Islamic Finance News and the 'Best Islamic Home Finance Product' at the Banker Middle East Product Awards. Tamweel also won the Superbrand award from the UAE Superbrand Council, demonstrating the strong equity enjoyed by Tamweel within a short span of its inception."