Dubai's Tamweel Q3 profit falls on provisions, funding costs

Islamic mortgage provider Tamweel registered a drop in the profit during the third quarter of the year. The drop is as high as 46,5%, which misses the forecasts of analysts by far. The 8.4 million dirhams ($2.3 million) net profit in Q3 of 2012 contrasts with 15.7 million dirhams in the same period last year. The forcasts by Arqaam Capital and EFG Hermes lied at a profit of 22 million dirhams.

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