To date, there have only been a handful of mortgage-backed transactions in the Gulf region. Reef’s potential deal would be a first in Bahrain. Last year, Dubai’s Tamweel completed a $250 million RMBS via Morgan Stanley and Standard Chartered. That deal was backed by a portfolio of 1,000 mortgages. Other regional mortgage originators, such as Qatar Islamic Bank, are also looking at the securitization of their portfolios using an Islamic format. But the market is still in its earliest stages.
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