Dubai-based sharia-compliant mortgage lender Tamweel posted a 33 percent fall in first quarter net profit, hit by litigation provisions.
Tamweel, majority owned by Dubai Islamic Bank (DIB) made a net profit of AED18m (US$4.9m), after a one-time provision of AED21.6m for possible, unspecified litigation losses.
Operating profit before provisions rose 13 percent to AED48.5m.
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