Launch of an Islamic finance company

The new company will offer a range of financing such as long-term mortgage finance for those who want to invest in the growing real estate market in the UAE, in addition to financing consumer goods.

Mr. Butti Bin Darweesh Al Felasi, Chief Executive Officer of Dubai Islamic Bank said: "Tamweel will capitalize on the growing demand for Islamic financing, especially for the real estate sector which is in need for institutions that are able to provide long term mortgage financing. DIB is a leader in the Islamic financing and this step will support the bank's role in this area".

Mr. Ahmed Butti, Managing Director of the Jebel Ali Free Zone Authority and Chief Executive Officer of Istithmar said: "The UAE economy in general and the real estate industry in particular is experiencing strong growth resulting in creating opportunities for specialized financial institutions. Tamweel will benefit from the combined strength of both Dubai Islamic Bank and PCFC, thus laying a strong foundation for the success of the company. Furthermore, we have planned a strategic alliance with a leading international financial institution to bring in best international practices."

Tamweel is expected to provide the market with financing of over AED One billion, and aims to broaden the finance industry by creating a healthy and more competitive market. An intrinsic part of this initiative is to develop the secondary market in the real estate sector, consisting of refinanced mortgages and securitisation of assets. Tamweel will commence its operations before the end of this year.