Tamweel, Dubai’s leading provider of innovative home finance products and services, has announced the launch of Tamweel Investment Deposits which offer unrivalled investment opportunities for corporations. With this initiative, Tamweel has become the UAE’s first home finance company to offer deposit services aimed at the corporate world.
As part of the new deposit bouquet, the company has also announced the launch of Tamweel Corporate Investment Deposit, which offers the investors a chance to get attractive returns by sharing profits from Tamweel’s vast array of mortgage finance products. The Sharia compliant product is based on the Mudaraba concept.
Presenting the new deposit, Mr. Adel Al Shirawi, Chief Executive Officer of Tamweel, said: “Tamweel Investment Deposits represent the umbrella under which we launch the first deposit product – The Corporate Investment Deposit. This initiative marks another first scored by Tamweel. It will serve as an ideal medium-term investment tool for corporate organizations.”
He added: “Tamweel’s past performance stands testimony to its commitment and dedication to the market – as we offer a blend of financial stability and ethics, coupled with traditional values and progressive outlook. With Tamweel’s focus and professional expertise in the home finance business, investors can expect their interests to be well served with our customer-oriented Sharia compliant products.”
The company continues to support the growing real estate industry in the UAE through innovative and aggressive products and services. This deposit product further emphasises its commitment to the market and signifies its ambitious growth plans.
The deposits, which are based on the Mudaraba contract – the Sharia compliant method of sharing profits between the depositors and the investment house – is expected to go a long way in helping corporate investors follow a prudent investment approach mitigating risk factors.
“Considering that the UAE’s real estate market is poised to touch AED230 billion by 2010, the future of the home finance sector looks very optimistic. Tamweel has always been a customer-focused organization, effectively servicing our rapidly expanding client base. Backed by our world-class service, cutting edge technology and unparalleled professionalism, we are confident that this new investment deposit will be the ideal option for corporations looking for suitable fixed income growth,” Mr. Shirawi further explained.
Taking its leadership to new heights, Tamweel is the first company to service a UAE-mortgage backed US securitized fund worth USD350 million that won AAA rating from Moody’s and SNP. The fund was oversubscribed 12 times.
Tamweel is the only company in the UAE that has been offering Islamic home finance products since its inception. “We play a vital role in the development of the UAE real estate market and our innovative products and services have wide acceptance among the home buyers in the country. With the latest Sharia-compliant investment deposits being extended to corporations, we have further augmented our product and service offering to the entire value chain” added Mr. Shirawi.
Adding to the bouquet of Tamweel’s Sharia compliant products and services, there will be a major event announcement on the 29th of this month to reveal yet another unprecedented initiative at Tamweel’s Awards Ceremony.
Tamweel, which has offered finance for properties of level one developers, have also assisted many secondary and third tier developers to launch their properties in the market.
About Tamweel
Tamweel, established in March 2004, brings together the legacy of two great organizations -- Dubai Islamic Bank, the first Islamic Bank in the world, and Istithmar, which is part of the Corporate Office Group (including the Dubai Ports, Customs and Free Zone Corporation, Nakheel, Dubai Metals and Commodities Centre and Tejari).
Tamweel crossed the AED1.7 billion mark within the first ten months of its operations recording a positive profit in just the first year. In November last, Tamweel launched its own apartment tower which sold out in just two days. This tower will house Tamweel's headquarters once construction is complete. Tamweel has also formed alliances with a host of developers and real estate agents and has its own panel of approved developers. As part of its expansion plans, Tamweel recently inaugurated its second branch, which is a full Sales and Service branch and is located on Sheikh Zayed Road.
