The UAE’s two largest Islamic home loan companies will need to secure adequate funding before they can re-start lending, the chairman of Tamweel said yesterday.
'Where the funds will be coming from... is at the heart of the matter,' said Sheikh Khaled bin Zayed. 'Within a matter of weeks Amlak and Tamweel are going to be lending again. But a few formalities need to be worked out.'
Trading in Tamweel and Amlak Finance was suspended in November after the companies all but stopped lending because of the global liquidity crunch. They accounted for about 60% to 65% of the mortgage market.