Tamweel reported net income of Dh27.7 million (US$7.5m) for the second quarter, Jaime Puebla / The National
Tamweel reported net income of Dh27.7 million (US$7.5m) for the second quarter, Jaime Puebla / The National

Tamweel rolls back into profit



Tamweel reported a fivefold increase in profits after returning to the Islamic home loan business following a 30-month absence from the stock market.

The lender reported net income of Dh27.7 million (US$7.5m) for the second quarter, its best quarterly result since the decline of the Dubai property market in the third quarter of 2008.

Tamweel's improved profits follow its return to issuing new mortgages last year, said Abdulla Ali Al Hamli, the company's chairman.

"Having returned to profit in 2010, Tamweel has maintained momentum by reporting strong profits for the first two quarters of 2011," he said.

"As the UAE real estate sector continues to strengthen, Tamweel remains well positioned to meet the increased demand for home finance solutions in the country."

Despite the positive bottom line, the increased profits came as the bank's underlying operating income dipped by 9.3 per cent.

Tamweel and the rival mortgage lender Amlak were the two largest Islamic home loan companies during Dubai's six-year property boom. But the decline in property prices in the autumn of 2008 exposed the weakness in their funding models, which relied on raising short-term debt to finance the long-term mortgage commitments of their customers.

The growth in new lending was almost flat, rising 0.7 per cent to Dh9.16bn during the quarter.

"Net interest income developed slightly better than expected, due to lower funding costs as Tamweel reduced its finance obligations marginally," wrote Jaap Meijer, a financial analyst at AlembicHC in a note. "But fee income was disappointing."

During the quarter, Tamweel's stock returned to trading on the Dubai Financial Market.

The stocks were effectively frozen at the beginning of the global financial crisis after the company lost access to sources of wholesale funding, and a planned merger with Amlak Finance never materialised.

Tamweel was fully acquired in November last year by Dubai Islamic Bank in a deal worth Dh374.7m. Tamweel's stock resumed trading on the Dubai Financial Market in May.

The company recently indicated it would extend financing to international buyers of properties, traditionally perceived as riskier lending.

"Our focus since re-entering the market has been on booking a high-quality portfolio of select customers and properties while introducing innovative home finance solutions," said Varun Sood, the acting chief executive of Tamweel.

Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Rating: 2/5
 
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.

When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.

How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Business Insights
  • Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
  • The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
  • US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
What is a Ponzi scheme?

A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.

Disclaimer

Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5

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Electoral College Victory

Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate. 

 

Popular Vote Tally

The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.

From Zero

Artist: Linkin Park

Label: Warner Records

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Rating: 4/5

COMPANY PROFILE
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Engine: Direct injection 4-cylinder 1.4-litre
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Directors: Raj & DK

Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon

Rating: 4/5

The specs: 2018 Honda City

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Call of Duty: Black Ops 6

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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
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Our family matters legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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Name: ARDH Collective
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Sheikh Zayed's poem

When it is unveiled at Abu Dhabi Art, the Standing Tall exhibition will appear as an interplay of poetry and art. The 100 scarves are 100 fragments surrounding five, figurative, female sculptures, and both sculptures and scarves are hand-embroidered by a group of refugee women artisans, who used the Palestinian cross-stitch embroidery art of tatreez. Fragments of Sheikh Zayed’s poem Your Love is Ruling My Heart, written in Arabic as a love poem to his nation, are embroidered onto both the sculptures and the scarves. Here is the English translation.

Your love is ruling over my heart

Your love is ruling over my heart, even a mountain can’t bear all of it

Woe for my heart of such a love, if it befell it and made it its home

You came on me like a gleaming sun, you are the cure for my soul of its sickness

Be lenient on me, oh tender one, and have mercy on who because of you is in ruins

You are like the Ajeed Al-reem [leader of the gazelle herd] for my country, the source of all of its knowledge

You waddle even when you stand still, with feet white like the blooming of the dates of the palm

Oh, who wishes to deprive me of sleep, the night has ended and I still have not seen you

You are the cure for my sickness and my support, you dried my throat up let me go and damp it

Help me, oh children of mine, for in his love my life will pass me by. 

The major Hashd factions linked to Iran:

Badr Organisation: Seen as the most militarily capable faction in the Hashd. Iraqi Shiite exiles opposed to Saddam Hussein set up the group in Tehran in the early 1980s as the Badr Corps under the supervision of the Iran Revolutionary Guards Corps (IRGC). The militia exalts Iran’s Supreme Leader Ali Khamenei but intermittently cooperated with the US military.

Saraya Al Salam (Peace Brigade): Comprised of former members of the officially defunct Mahdi Army, a militia that was commanded by Iraqi cleric Moqtada Al Sadr and fought US and Iraqi government and other forces between 2004 and 2008. As part of a political overhaul aimed as casting Mr Al Sadr as a more nationalist and less sectarian figure, the cleric formed Saraya Al Salam in 2014. The group’s relations with Iran has been volatile.

Kataeb Hezbollah: The group, which is fighting on behalf of the Bashar Al Assad government in Syria, traces its origins to attacks on US forces in Iraq in 2004 and adopts a tough stance against Washington, calling the United States “the enemy of humanity”.

Asaeb Ahl Al Haq: An offshoot of the Mahdi Army active in Syria. Asaeb Ahl Al Haq’s leader Qais al Khazali was a student of Mr Al Moqtada’s late father Mohammed Sadeq Al Sadr, a prominent Shiite cleric who was killed during Saddam Hussein’s rule.

Harakat Hezbollah Al Nujaba: Formed in 2013 to fight alongside Mr Al Assad’s loyalists in Syria before joining the Hashd. The group is seen as among the most ideological and sectarian-driven Hashd militias in Syria and is the major recruiter of foreign fighters to Syria.

Saraya Al Khorasani:  The ICRG formed Saraya Al Khorasani in the mid-1990s and the group is seen as the most ideologically attached to Iran among Tehran’s satellites in Iraq.

(Source: The Wilson Centre, the International Centre for the Study of Radicalisation)

Company profile

Name: GiftBag.ae

Based: Dubai

Founded: 2011

Number of employees: 4

Sector: E-commerce

Funding: Self-funded to date

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