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Jan 12 2012

* Dubai's Tamweel Announces 5-Year, $300M Sukuk Transaction

Thursday, Jan 12, 2012

(MORE TO FOLLOW) Dow Jones Newswires

12-01-12 0411GMT

Dubai's Tamweel Announces 5-Year, $300M Sukuk Transaction

Thursday, Jan 12, 2012

DUBAI (Zawya Dow Jones)--Dubai-based Islamic mortgage company Tamweel Thursday announced a 5-year, $300 million Islamic bond, or sukuk, the latest local issuer to tap Islamic finance markets for funds amid tighter lending conditions in Europe and elsewhere.

Tamweel , in a brief statement to the Dubai bourse, said Citigroup, Dubai Islamic Bank and Standard Chartered were all book runners for the transaction. The sukuk will be listed on the Irish Stock Exchange, it added.

Tamweel 's sukuk move comes just days after Dubai-based Emirates Islamic Bank's $500 million, five-year sukuk received strong demand with orders of about $1.5 billion. Abu Dhabi-based First Gulf Bank (FGB.AD) also printed a $500 million, five-year sukuk deal this week.

Tamweel shares closed trading Wednesday 1.6% higher at AED0.57.

-By Tim Falconer, Dow Jones Newswires; +9714 446-1690; tim.falconer@dowjones.com

Copyright (c) 2012 Dow Jones & Co.

(END) Dow Jones Newswires

12-01-12 0441GMT

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