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Tamweel will launch a $300-$500 million sukuk in the fourth quarter. The statement was given by Varun Sood, the acting chief executive of Tamweel.
He added that they are depending on the fact that there is demand for Islamic paper.
Three banks were chosen for the sukuk, but no details were given.
Tamweel PJSC aims to tap the debt market this year for the first time since 2008 as demand for Islamic bonds keeps borrowing costs near six-year lows.
Tamweel will launch either a benchmark-sized sukuk or a mortgage-backed security in the fourth quarter to achieve a, "long-term financing pipeline to repay liabilities and grow the business,". The statement came from Varun Sood, chief executive officer.
The chief executive of Tamweel, Wasim Saifi, has resigned and the Islamic mortgage lender will appoint a new chairman having convened a new board.
Varun Sood, the current chief executive of Tamweel’s home finance division will act as the chief executive.