Dubai Islamic Bank PJSC, the biggest Shariah-compliant lender in the United Arab Emirates, will raise its stake in Tamweel PJSC as Dubai seeks to restart mortgage lending after property prices slumped.
Dubai Islamic Bank received approval from the government to increase its stake in the mortgage lender to 57.33 percent from 21 percent. Tamweel’s shareholders include Dubai World Group and HSBC Holdings Plc, according to Bloomberg data.
“The move will give new momentum to the local mortgage market which has entered a recovery phase after a series of decisive measures taken by the government in the wake of the recent global financial crisis,” the Dubai government’s Media Office said today in an e-mailed statement. It didn’t give financial terms of the transaction.
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