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Article: Tamweel wins Euromoney 'Islamic Finance Deal of the Year'
- Article from:
- Al Bawaba
- Article date:
- February 16, 2008
CopyrightCopyright 2008 Al Bawaba. Provided by ProQuest LLC. (Hide copyright information)
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Tamweel PJSC, the largest provider of real estate finance in the
UAE, has won the award for "Islamic Finance Deal of the Year" at the
prestigious Euromoney 2008 Islamic Finance Awards. At a ceremony
held recently in London, Tamweel was recognised for its US$210
million asset-backed securitization issue, the world's first Sharia-
compliant residential mortgage backed securitization (RMBS)
transaction.
These Class A bonds received ratings of Aa2 by Moody's Investors
Service and AA by Fitch Ratings Limited, placing them among the
highest international ratings achieved to date in the Middle East
and North Africa region. Despite volatile market conditions, the
bonds were priced successfully, ...