Sunday, July 03, 2005

Tamweel’s Investment Deposits

Tamweel, Dubai's leading provider of innovative home finance products and services, has announced the launch of Tamweel Investment Deposits which offer unrivalled investment opportunities for corporations. With this initiative, Tamweel has become the UAE's first home finance company to offer deposit services aimed at the corporate world.

As part of the new deposit bouquet, the company has also announced the launch of Tamweel Corporate Investment Deposit, which offers the investors a chance to get attractive returns by sharing profits from Tamweel's vast array of mortgage finance products. The Sharia compliant product is based on the Mudaraba concept. Presenting the new deposit, Mr. Adel Al Shirawi, Chief Executive Officer of Tamweel, said: "Tamweel Investment Deposits represent the umbrella under which we launch the first deposit product - The Corporate Investment Deposit. This initiative marks another first scored by Tamweel. It will serve as an ideal medium-term investment tool for corporate organizations."

The company continues to support the growing real estate industry in the UAE through innovative and aggressive products and services. The deposits, which are based on the Mudaraba contract - the Sharia compliant method of sharing profits between the depositors and the investment house - is expected to go a long way in helping corporate investors, follow a prudent investment approach mitigating risk factors. "Considering that the UAE's real estate market is poised to touch AED230 billion by 2010, the future of the home finance sector looks very optimistic. Tamweel has always been a customer-focused organization, effectively servicing our rapidly expanding client base. Backed by our world-class service, cutting edge technology and unparalleled professionalism, we are confident that this new investment deposit will be the ideal option for corporations looking for suitable fixed income growth," Mr. Shirawi further explained.

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