Sunday, 29 January 2012 at 14:57, Alrroya.com, Dubai
Tamweel reported a fourth quarter net profit of Dh31m. (REUTERS)
Tamweel PJSC, the UAE Islamic home finance provider reported a net profit of Dh102 million for the 12 months ending December 31, 2011, compared with Dh26m in 2010.
The company reported a fourth quarter net profit of Dh31m, compared to Dh8m in the same period in 2010.
“A year on from our successful return to the UAE’s home finance market, our positive financial results confirm that Tamweel is firmly back in business,” Abdulla Ali Al Hamli Chairman of Tamweel said.
“2011 witnessed significant success for Tamweel as evidenced by resuming new business origination and the resumption of share trading. With our solid financial footing and proven business model, Tamweel will continue to play a key role in supporting the long-term recovery of the country’s real estate sector.”
Key to the company’s success in 2011 has been the launch of a range of innovative new products, including “Home Finance Plus,” the UAE’s first integrated home finance programme, which provides homeowners with a wide range of essential services, such as free residential maintenance and free relocation services at no additional cost.
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