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Tamweel sells 1.1 billion dirhams of Islamic bonds due in 2013

29/07/2008 05:15:00 PM GMT

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Tamweel PJSC completed the sale of 1.1 billion dirhams of Islamic bonds.

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July 28 (Bloomberg) -- Tamweel PJSC, the United Arab Emirates' biggest mortgage lender, completed the sale of 1.1 billion dirhams ($300 million) of Islamic bonds.

Tamweel's floating-rate sukuk maturing 2013 pays a profit rate of 2.25 percentage points more than the quarterly Emirates interbank offered rate, data compiled by Bloomberg show.

Mashreqbank PSC's Islamic unit, Dubai Islamic Bank PJSC and Standard Chartered Plc managed the sale. The company will use the proceeds for expansion, according to an e-mailed statement today.
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Source: AJP

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