Tamweel posts $1.3m net profit

18 August 2010

Islamic mortgage lender, Tamweel has reported a net profit of Dhs5m ($1.3m) for the second quarter, compared to a net loss of Dhs35m for the corresponding period in last year. Operational profit for Q2 2010 before impairment provisions stood to Dhs45m. The lender has taken additional provisions of Dhs40m on its asset book. At the end of the quarter, Islamic financing assets constituted 92% of the company's total assets.

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