Tamweel completes repayment of $300m Sukuk
- United Arab Emirates: Wednesday, January 30 - 2013 at 16:59
- PRESS RELEASE
Tamweel PJSC, the UAE Islamic home finance provider, announced that it has repaid in full a $300m five-year Sukuk, which matured in January 2013.
In line with its long term funding strategy, Tamweel issued the Sukuk in early 2008. The proceeds were used for general Islamic financing and corporate purposes.
The timely repayment of the Sukuk from its own resources demonstrates the financial strength and healthy fundamentals of Tamweel, as well as the funding depth of its majority shareholder Dubai Islamic Bank (DIB).
Since resuming new business origination in 2010, Tamweel has continued to successfully access the debt markets in order to address its long term funding needs, including the 2011 issue of a 5-year, $300m Sukuk, fully guaranteed by DIB.
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