Tamweel repays $300m Sukuk

Tamweel PJSC, the UAE Islamic home finance provider, on Wednesday announced that it has repaid in full a USD300 million five-year Sukuk, which matured in January 2013. This announcement follows the recent successful settlement by the company of its USD 210 million home finance asset-backed security issued in 2007. In line with its long term funding strategy, Tamweel issued the Sukuk in early 2008. The proceeds were used for general Islamic financing and corporate purposes. The timely repayment of the Sukuk from its own resources demonstrates the financial strength and healthy fundamentals of Tamweel, as well as the funding depth of its majority shareholder Dubai Islamic Bank (DIB). Since resuming new business origination in 2010, Tamweel has continued to successfully access the debt markets in order to address its long term funding needs, including the 2011 issue of a 5-year, $300 million Sukuk, fully guaranteed by DIB.