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Company to issue $300 million internationally rated Sukuks
DUBAI — Tamweel announced yesterday that it would issue internationally rated asset backed securities worth $300 million in the third quarter of 2006. This transaction would make Tamweel one of the pioneers in the region to embark on an internationally rated securitisation with the objective of promoting the secondary mortgage system in the country.
Further, the transaction will be completely Shariah compliant. Speaking on the securitisation, Adel Al Shirawi, CEO, Tamweel said: " Tamweel has always been at the forefront of innovative and Shariah compliant home finance services, we are looking at different and more optimal methods to build capital and generate value for our shareholders.
The main objectives of issuing these Sukuks are to smoothen tenor mismatch as well as optimise leverage from our balance sheet. We look forward to great demand for these Sukuks from the investors. We have decided to retain ENSEC (Emirates National Securitisation Corporation) to advise and execute the transaction since they are well positioned for this.
We have also engaged many third party international firms to help us structure the transaction on a world class level." He further added, "Keeping in line with our principles, these dollar based notes will comply with Shariah laws. We would especially like to thank the ENSEC team for their valuable inputs and insights on this transaction." Mohamad Sotoudeh, CEO, ENSEC said, "A rated transaction like Tamweel's will introduce Dubai's real estate market to the global fixed income investment markets. This will help Dubai based entities to diversify their funding sources and significantly reduce their funding costs."
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