Tamweel begins marketing Islamic RMBS

18 Jun 2012

Housing finance provider Tamweel, owned by Dubai Islamic Bank, is looking to issue a dollar-denominated sukuk backed by the cashflows from residential Ijara contracts — the lease-to-buy arrangements in Islamic home finance.

Tamweel asked Abu Dhabi Commercial Bank, Emirates NBD and UBS to arrange a series of investor meetings. These started on Tuesday and will span the Middle East, Asia and Europe. The transaction will be the second ever RMBS to comply with Shariah investment rules, after Tamweel completed the ...

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