Islamic finance company Tamweel provided more than 110 million Emirati dirhams ($29 million) worth of financing within the first month of its launch.
Tamweel is a joint initiative between the Dubai Islamic Bank and Istithmar, the investment arm of the Ports, Customs and Free Zone Corporation. The company received more than 3,000 applications in its first 30 days of operatiosn. Over 10,000 calls and inquiries have been made, stated a press release.
The new company offers long-term mortgage finance for those who want to invest in the growing real estate market in the United Arab Emirates (UAE), in addition to financing consumer goods. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
