Tamweel, the largest provider of real estate finance in the UAE, has earned its third major industry honour this year by winning the Structured Finance Deal of the Year award presented at the 2008 Islamic Finance News Awards.

Tamweel was recognised for its $210 million asset-backed securitisation issue, the world’s first Shari’a-compliant residential mortgage-backed securitisation (RMBS) transaction, said an official spokesman.

The leading industry journal Islamic Finance News presented Tamweel’s CEO Wasim Saifi with the award. A record 1,502 submissions were received for 35 categories, from Islamic finance issuers, investors, non-banking financial intermediaries and government bodies.

Tamweel’s Residential Asset Backed Securitisation issue received ratings of Aa2 by Moody’s Investors Service and AA by Fitch Ratings Limited, placing it among the highest international ratings achieved to date in the Middle East and North Africa region.

The landmark securitisation was also awarded “Islamic Finance Deal of the Year” by Euromoney, one of the world’s most prestigious financial titles. In addition, Tamweel was recognised for its innovative home finance solutions at the recent Banker Middle East Awards.

“We are honoured to have been recognised once again for our pioneering Residential Asset Backed Securitisation transaction, the first internationally rated Islamic residential asset-backed securitisation issued from the Middle East,” said Saifi.

In line with its vision of becoming the region’s most renowned financial services firm, Tamweel focuses on product innovation, service excellence, financial performance and geographic expansion.

Recently, the company announced record profits of Dh451 million ($122.8) for 2007, the third consecutive year that it has registered triple-digit growth. This growth in profitability comes at a time of organic expansion for Tamweel, which is launching operations in the region’s two largest markets, Saudi Arabia and Egypt, this year. – TradeArabia News Service