Wednesday 4 July 2012

UPDATE 1-Dubai's Tamweel postpones asset-backed sukuk sale | Reuters

Islamic mortgage lender Tamweel has decided to delay the sale of a $235 million sharia-compliant asset-backed securitisation after taking feedback from the market, the company said in on Wednesday.

Investors and traders in the Gulf region said the deal structure was too complex by regional standards, which has only ever seen one previous Islamic asset-backed transaction.

"Tamweel has decided not to proceed with the RMBS (residential mortgage-backed securities) at this time based on market feedback," the company said in a bourse statement.

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