Tamweel approves distribution of 5% cash

Tamweel, the UAE Islamic home finance provider, announced on Sunday that its Annual General Meeting (AGM) was held on March 8, 2012, at the Dubai Chamber of Commerce and Industry. During the AGM, the assembly approved the distribution of a cash dividend of 5 per cent of the company’s paid-up share capital, amounting to Dhs50 million. The company’s 2011 financial results were also approved. For the 12 months ending Dec.31, 2011, Tamweel reported a net profit of Dhs102 million, compared with Dhs26 million in 2010. Abdulla Al Hamli, Chairman of Tamweel, said: “Tamweel’s positive financial performance in 2011 confirms that the company is firmly back in business. We reached two major milestones in 2011, namely, the renewal of new business origination and the resumption of share trading. Tamweel is now well positioned to move forward as a business, while continuing to play a full and active role in supporting the long-term recovery of the country’s real estate sector.” Key to Tamweel’s success in 2011 was the launch of innovative products targeted at the right market segments, and delivering these products and services to the satisfaction of customers.