Dubai Islamic to Acquire Mortgage Lender Tamweel Via Share Swap
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Dubai Islamic Bank PJSC offered to take over mortgage provider Tamweel PJSC through a share swap, four days after the United Arab Emirates’ central bank issued guidelines restricting home loans.
Tamweel shareholders will be offered 10 Dubai Islamic shares for every 18 held, the bank said in an e-mailed statement today after the market close. The fair value of Dubai Islamic and Tamweel shares was set at 2.25 dirhams and 1.25 dirhams, respectively.