DUBAI (AFP) – Islamic home-finance provider Tamweel PJSC, based in Dubai, announced on Sunday that it swung back into the black in 2010, posting a modest net profit of 7.08 million dollars.
The figure represents a “turnaround” from Tamweel’s financial performance in 2009, when it posted a net loss of 14.8 million dollars, it said.
“We are extremely pleased to share our positive financial results for 2010, which follow Tamweel’s recent, successful return to the market,” Abdulla al-Hamli, chairman of Tamweel, said in a statement.
“2010 was clearly a milestone year for Tamweel,” he said.
“Following a period of international and regional financial uncertainty, the global economic outlook has improved substantially, and we are witnessing signs of sustained recovery in the UAE, including in the property market.”
Tamweel was established in 2004 to provide finance in compliance with Sharia Islamic law which forbids usury, at a time of fast growth in the Dubai property sector. It was listed on the Dubai Financial Market in 2006.
The property sector in Dubai, a member city-state of the United Arab Emirates, has been hit hard by the global economic crisis, with prices of real state tumbling by more than half from their record levels of July 2008.