Tamweel expands operations to Abu Dhabi

The Tamweel branch in the capital, conveniently located in the Marina Mall, will extend the entire array of Sharia'a compliant home finance products and services through professionally trained mortgage advisors who are available 5 days a week, Sunday through Thursday from 8:30am to 5:30pm

In his comments, HH Sheikh Khaled said, "We are excited to have a full-fledged Tamweel branch in Abu Dhabi and we expect it to play a pivotal role to prospective home buyers in the capital and Eastern Region. With the property and real estate sector going through an unprecedented boom, we are confident that Tamweel will provide an impetus to the real estate sector in the emirate."

The opening of this branch also assumes increased significance as Abu Dhabi promulgated a new property law in September 2005. The law, announced by UAE President and Ruler of Abu Dhabi, His Highness Shaikh Khalifa Bin Zayed Al Nahyan, regulated the right to own and transfer real estate by citizens and expatriates.

HH Sheikh Khaled added, "With the new law in place, the new Tamweel branch will make buying a home a reality for many citizens and expatriates in the capital. We are looking forward to extend our services to the Abu Dhabi market and will continue to revolutionize the home mortgage sector as we have achieved in Dubai and Sharjah."

In his comments, Mr. Adel Al Shirawi, Chief Executive Officer of Tamweel, said, "It is part of our mission to expand within the UAE and Abu Dhabi is a very important market for us. The booming real estate sector warranted our presence to extend our innovative products and services within the reach of our customers. We now have branches in 3 emirates and we are thankful to HH Sheikh Khaled for his support and encouragement."

He further added, "At our Abu Dhabi branch, Tamweel will continue to offer tailor-made home-finance solutions, valid for financing of properties in the capital with our approved developers."

Tamweel has extended its products and services to the market offerings by introducing a set of revolutionary initiatives that scored as firsts in the region. Amongst them is "Yusr" that allows customers to make lower monthly payments in the initial years and pay back the difference over the remaining duration of the payment period and the Pre-approved service that helps customers assess their eligibility for finance.

Following the tremendous response to its innovative products in Dubai, Tamweel had opened its first branch in Sharjah in December 2005, making it the first mortgage provider in the emirate. In the last four months, Tamweel has successfully extended billions to finance the Sharjah real estate sector.

The group is also the only home finance company in the UAE that has been inclusively Islamic right from inception. The company has believed in building its business and has designed its products and services in a Sharia-compliant manner.