Tamweel postpones $235m sukuk sale
Dubai, July 4, 2012
Islamic mortgage lender Tamweel has decided to delay the sale of a $235 million sharia-compliant asset-backed securitisation after taking feedback from the market, the company said in on Wednesday.
Investors and traders in the Gulf region said the deal structure was too complex by regional standards, which has only ever seen one previous Islamic asset-backed transaction.
"Tamweel has decided not to proceed with the RMBS (residential mortgage-backed securities) at this time based on market feedback," the company said in a bourse statement.
Tamweel, a unit of Dubai Islamic Bank, completed roadshows for a potential deal at the end of June, which would have been backed by properties and receivables located in Dubai.
Abu Dhabi Commercial Bank, UBS and Emirates NBD were lead managers on the deal, which would have been a rare example of a securitisation from the Gulf Arab region.
Tamweel shares closed 2.4 per cent higher on the Dubai bourse before the sukuk announcement. – Reuters
More Finance & Capital Market Stories
- Dubai Islamic eyes Kenya, Indonesia for expansion
- ADCB to buy back 3pc of its shares
- GCC insurance growth outpaces developed markets
- Bahrain 'faces budget deficit, inflation challenges'
- Global Payment Services wins key certification
- BBK unveils big India expansion plans
- Kuwait GDP growth to hit 3.5pc in 2014
- Gulf shares tumble over EM exposure cut
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch
- Qatar sets up mixed business incubator
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards
- ADIB offers smartphone industry investment
- Gulf Finance House to start $3bn Tunisia project