Tamweel applies for banking license

Published October 5th, 2006 - 08:17 GMT

One of the UAE's biggest mortgage lenders, Tamweel, recently applied for a banking license from the UAE Central Bank, while it has reportedly informed the Dubai Financial Market of an application to establish an Islamic banking unit.

 

"We have submitted the application, and the Central Bank should take some time to go through all the details, yet we expect the license soon," stated Tamweel's chief executive, Adel Al Shirawi, according to Gulf News.

 

"The real estate retail market in Abu Dhabi will exceed Dh9 billion in 2007, an amount that cannot be financed by any single party. Taking into consideration that many banks have approached their maximum real estate lending limits, Tamweel is seeking a substantial share of that market, where 40 per cent is expected to be financed through mortgages," Al Shirawi added.

 

"We are seriously considering other markets, and will announce new ventures soon," Al Shirawi explained, adding that the firm plans to expand to other emirates and overseas markets following its Saudi venture. 

 

Tamweel's chairman, Shaikh Khalid Bin Sakr Bin Zayed Al Nahyan, broke the news of the application to the Central Bank, saying, "The application is still being considered by the Central Bank," at the opening ceremony of the company's first branch in Abu Dhabi.


Meanwhile, the company is expected to announce its third quarter results by the end of the month, and is optimistic about the figures.


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