Tamweel will issue either a benchmark-sized sukuk or a mortgage-backed security in the fourth quarter to create a, 'long-term financing pipeline to repay liabilities and grow the business,' acting chief executive officer Varun Sood said. Tamweel has appointed banks for the transaction, he said, declining to identify them.
'We're being advised that it's a good time to go to the market in spite of the financial turmoil,' he said in an interview at Tamweel's headquarters in Dubai yesterday. 'Maybe there would be some impact on pricing, but there's still demand for Islamic financing instruments.'
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