Tamweel proves there's profit in mortgages and shares respond

Markets Update: Tamweel, the UAE's largest Islamic mortgage company, rises 2 per cent on today after profits doubled in the third quarter.

Tamweel rose on Monday after the Islamic mortgage lender said profits more than doubled in the third quarter.

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Net income was at Dh15.6 million, compared with Dh7.34 million in the same period last year, the company said in a filing to the Dubai bourse on Sunday.

The shares gained 2 per cent to 71 fils at 12pm local time.

Dubai's benchmark, the Dubai Financial Market General Index lost 0.3 per cent to 1359.58, weighed by EmiratesNBD, after Dubai's biggest bank by assets reported a 59 per cent drop in quarterly profit. Net income slumped to Dh175 million, down from Dh424 million in the corresponding quarter last year as bad-loans provisions grew.

In the capital, Union National Bank gained 0.6 per cent to Dh2.97 a share. Etisalat inched 0.2 per cent higher to Dh10 a share. The Abu Dhabi Securities Exchange General Index rose 0.2 per cent to 2446.91 points.

Elsewhere in the region, Kuwait's index added 0.1 per cent to 5918.00 points. Bahrain's measure was little changed at 1144.55 points. Oman's MSM 30 Index was little changed at 5544.55 points. Qatar's QE Index was flat at 8434.42 points. The Saudi Tadawul All-Share Index was up 0.1 per cent to 6144.54 points.