Borrower view: Tamweel looks beyond Dubai for growth

Tamweel controls one-third of Dubai’s burgeoning mortgage market. In the wake of the company’s issuance of the Gulf’s first ever internationally rated securitization, Dominic O’Neill talks to the company’s CFO and CEO.

Tamweel

CEO: Adel Al-Shirawi
CFO: Gaurav Agarwal
Ownership: Istithmar, 21.6%; Dubai Islamic Bank 19.9%; other founders, 3.5%; general public on Dubai Financial Market, 55%
Flagship product: Ijara-style Shariah-compliant mortgages
Recent financing: $210 million RMBS priced July 2007 through Morgan Stanley and Standard Chartered; plans for further $300 million convertible bonds and $500 million sukuk by the end of 2007

Adel Al-Shirawi is not overly modest about his company’s plans to expand abroad. “We should win the Nobel prize for this,” he says.

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Investment banking

Borrower view: Tamweel looks beyond Dubai for growth

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