Dubai-based Islamic mortgage provider Tamweel posted a 46.5 percent drop in third-quarter profit, missing analysts' forecasts after being hit by higher provisions and funding costs.
Tamweel, majority owned by Dubai Islamic Bank, made net profit of 8.4 million dirhams ($2.3 million) in the
three months to Sept 30, compared to 15.7 million dirhams in the prior-year period, according to Reuters calculations.
Arqaam Capital and EFG Hermes forecast a third-quarter profit of 22 million dirhams and 23 million dirhams
respectively.
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