Tamweel's securities receive rating boost
Fitch ratings decided to lift its outlook on Tamweel's Sharia-compliant residential mortgage-backed securities (RMBSs). The reason is the good performance of underlying assets and the stabilisation of the Dubai property market.
Until this time, 334 of initially 595 properties have been sold or repurchased.
After Dubai Islamic Bank acquired a controlling interest in the company, Tamweel's rating was upgraded.
Sincer 2009 Tamweel has been stable with improved funding costs.
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