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Tamweel may sell repossessed property in UAE
- United Arab Emirates: Monday, May 18 - 2009 at 13:58
UAE-based home lender Tamweel may become the first company to auction properties in default once the legal process of repossession is completed, reported The National. So far, there have been no forced auctions of properties in the UAE, because of legal uncertainties which have made mortgage lenders and banks reluctant to go through an untested system. Wasim Saifi, chief executive of Tamweel, said the Islamic lender would move to the next step of disposal of properties once the legal process of foreclosure is completed.
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