Dubai’s Tamweel to raise USD235m from mortgage-backed sukuk

20 Jun 2012

(MENAFN) Ratings agency Moody’s said in a rating statement that Dubai-based Tamweel eyes to raise USD235 million from the sale of a mortgage-backed sukuk, Reuters reported.

The Islamic bonds, or sukuks, are due to mature in 2046, according to the agency’s recent provisional rating.

The Islamic mortgage lender issued a similarly-structured deal in 2007, Moody’s added.

Moody’s has provisionally assigned the floating rate certificates Aa3, six notches higher than Tamweel’s standalone credit rating of Baa3.

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