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Tamweel PJSC, the largest provider of real estate finance in the UAE, has earned its third major industry honour this year by winning the Structured Finance Deal of the Year award, presented at the 2008 Islamic Finance News Awards. Tamweel was recognised for its US$210 million asset-backed securitization issue, the world’s first Sharia-compliant residential mortgage-backed securitization (RMBS) transaction. At a glittering award ceremony, held at Dubai’s Shangri-La Hotel, on February 26, 2008, representatives of the leading industry journal Islamic Finance News presented Wasim Saifi, Tamweel’s Chief Executive Officer, with the award. A record 1,502 submissions were received for 35 categories, from Islamic finance issuers, investors, non-banking financial intermediaries and government bodies.

Tamweel’s Residential Asset Backed Securitization issue received ratings of Aa2 by Moody’s Investors Service and AA by Fitch Ratings Limited, placing it among the highest international ratings achieved to date in the Middle East and North Africa region. The landmark securitization was also awarded “Islamic Finance Deal of the Year” by Euromoney, one of the world’s most prestigious financial titles. In addition, Tamweel was recognised for its innovative home finance solutions at the recent Banker Middle East Awards. “We are honoured to have been recognised once again for our pioneering Residential Asset Backed Securitization transaction, the first internationally rated Islamic residential asset-backed securitization issued from the Middle East,” said Saifi upon receiving the award. “Competing against global banking and financial leaders, Tamweel has once again proved that we are pioneers of innovative products and services. Together, these awards demonstrate the company’s leadership across the institutional and retail investment segments. Receiving international acclaim for a first of its kind Islamic financing deal in the world undoubtedly makes this a landmark achievement for Tamweel and the Middle East Islamic financing industry at large.”

In line with its vision of becoming the region’s most renowned financial services firm, Tamweel focuses on product innovation, service excellence, financial performance and geographic expansion. Recently, the company announced record profits of AED 451 million for 2007, the third consecutive year that it has registered triple-digit growth. This growth in profitability comes at a time of organic expansion for Tamweel, which is launching operations in the region’s two largest markets, Saudi Arabia and Egypt, this year.

source : Tamweel