Tuesday, 19 June 2012

Dubai's Tamweel eyes $235 mln mortgage-backed sukuk - Moody's | Reuters

Dubai-based Islamic mortgage lender Tamweel plans to raise $235 million from the sale of a mortgage-backed sukuk secured on properties in the emirate and related receivables, according to a rating statement from Moody's.

The certificates are due to mature in 2046, according to the agency's provisional rating, released on Tuesday.

Tamweel, a unit of Dubai Islamic Bank, has not disclosed a target size for the proposed sale. It kicked off investor meetings on Tuesday in Abu Dhabi and roadshows are due to end on June 25.

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