The United Arab Emirates' (UAE) mortgage firm Tamweel, the country's leading Islamic mortgage provider, said Thursday it made a net loss of 41 million dirhams ($11 million) for the first quarter of 2009 on provisions, higher funding costs and lower income from property sales.
"The negative impact of the global economic situation, which affected financial institutions and the real-estate sector in the country, continued in the first quarter of 2009," said Sheikh Khaled Bin Zayed al-Nahyan, the company's chairman.
The company made a "prudential provision of 52 million dirhams to cover any future impairment in its real-estate investment portfolio," the company said in a statement.
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