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UAE’s Tamweel sees Q3 net profit double

UAE-based Islamic mortgage lender Tamweel has said its third quarter net profit has more than doubled, as income earned from Shari'ah-compliant financing and investing assets grew while impairment provisions dropped, Reuters has reported. Tamweel posted a net profit of Dhs15.7m ($4.2m), compared with Dhs7.3m during the same period in 2010. Impairment provisions for the quarter fell to Dhs13.5m compared with Dhs46.6m for the year-ago period.