Islamic home financier Tamweel sees Q3 income fall

Tamweel reported a 28.6 per cent decline in third-quarter profits as income from its home financing activities dipped.
Dubai Islamic Bank's (DIB) purchase of a controlling 57.3 per cent stake in Tamweel in September, followed by the resumption of mortgage lending this month.
Now DIB plans to transfer most of its mortgage activities to Tamweel.
Tamweel shareholders are set to meet tomorrow to discuss appointing a new board and approving financial statements for 2008 and 2009. Sheikh Khaled, who sits on numerous company boards in the UAE, is planning to leave his position as Tamweel chairman to make room for DIB executives who will integrate its mortgage business with the bank's.