DUBAI - Islamic home finance provider Tamweel on Sunday declared its financial results for 2011 and said net profit increased to Dh102 million, compared to Dh26 million in 2010.
For the fourth quarter of 2011, the company reported a net profit of Dh31 million, compared to Dh8 million in the same period in 2010. Tamweel said the results demonstrate continued profitability during a period of increased stability in the domestic property market.
“A year on from our successful return to the UAE’s home finance market, our positive financial results confirm that Tamweel is firmly back in business,” Tamweel chairman Abdulla Ali Al Hamli said in a statement.
Last year witnessed significant success for Tamweel as evidenced by resuming new business origination and the resumption of share trading, Al Hamli said, adding: “With our solid financial footing and proven business model, Tamweel will continue to play a key role in supporting the long-term recovery of the country’s real estate sector.”
Key to the company’s success in 2011 has been the launch of a range of innovative new products, including Home Finance Plus, the UAE’s first integrated home finance programme, which provides homeowners with a wide range of essential services, such as free residential maintenance and free relocation services at no additional cost.
“Tamweel... developed products with the right mix of value added services and the highest level of after-sales support,” acting CEO Varun Sood said.