The Dubai Islamic mortgage company, Tamweel, more than tripled its profit in the second quarter as its home loan business soared on the back of a property boom. Net income in the three months to June 30 surged three-fold to Dh210.95 million (US$57.1m), the firm said. Income from Islamic financing and investing grew by 169 per cent to Dh210.7m in the second quarter, it said. Net profit in the six months ending June 30 rose to Dh387.3m, an increase of 259 per cent over the corresponding period last year, and Islamic financing and investing assets rose by 68 per cent to Dh8.74bn, it said.
Tamweel's rival, Amlak Finance, posted a record 74 per cent jump in second quarter net income to Dh142.26m. Tamweel's shares have risen more than 20 per cent this year up to yesterday's close, outperforming the Dubai benchmark, which is down almost 11 per cent. Meanwhile, the Bahraini Islamic investment bank, Gulf Finance House, posted its third-biggest quarterly profit ever in the Q2 on higher fee income from infrastructure projects and its start-up businesses. Net income in the three months ending June 30 rose 40.5 per cent to $104m, or $13.14 a share, compared with $74m, or $9.26 a share in the year earlier period, GFH said.