Such a company is Tamweel, for which the spirit of innovation extends through product, service and process. Earlier this year, Tamweel reinforced its leadership position as the most unique and innovative real estate finance provider in the region by launching the groundbreaking 48-hour finance approval service, a superlative product which provides customers with a full end to end process to purchase their dream home in less than 48-hours, setting a new benchmark in the regional home finance industry. Also in 2008, Tamweel introduced ''Irad'' - Buy-to-let programme, a unique Sharia compliant investment product that offers finance up to 75% of the property's market value and enables customers to benefit from their current and future rental income.
Tamweel's product innovation and quick response to market needs was recognised by Banker Middle East, a leading banking and financial institution publication, when Tamweel won the award for ''Best Islamic Home Finance Product'', beating top regional and international banking institutions operating in the Middle East, Turkey and India. Tamweel has also achieved the highest corporate ratings for a non-banking financial institution in the region, as in less than four years of operation, Tamweel received ratings of A/F1 by Fitch and A3/P2 by Moody's and the highest sukuk (RMBS) ratings of AA by Fitch and Aa2 by Moody's.
"We continuously strive to elevate our service standards," explains Tamweel CEO, Wasim Saifi. "Our business processes are designed to ensure consistent and speedy delivery while also maintaining careful risk assessment. To this end, we employ and retain the best talent to push the boundaries of both product and service innovation, while ensuring complete compliance to international standards and keeping abreast with emerging industry developments''.
The company now has a strong network of over 300 strategic partners in the region and has financed property worth more than AED 9 billion realising the dream of homeownership for hundreds of families.
Strength to strength
The company's achievements, since starting out in 2004 as a joint venture between Istithmar and Dubai Islamic Bank, are hard to dispute. Today, with a 34 per cent share of the market, Tamweel is the largest provider of real estate finance in the UAE.
Tamweel was also the first real estate finance provider to receive a property ownership certificate from the Dubai Land Department, and to be appointed as an 'Escrow' trust account Agent by the Real Estate Regulatory Authority. Escrow legislation aims to curb real estate malpractice and protect the interests of both property developers and buyers.
Tamweel certainly appears to have the public's vote. In July 2006, when it converted to a public joint stock company, demand for its shares were oversubscribed 485 times. December 2007 saw another milestone when Tamweel's USD 300 million exchangeable Sukuk issue was also oversubscribed within hours of its launch.
A significant initiative by Tamweel was the USD 210 Million asset-backed securitisation issue, the world's first Sharia compliant residential mortgage-backed securitization transaction. The Class A category notes recorded an excellent rating of Aa2 by Moody's and AA by Fitch, and Tamweel received the 'Islamic Finance Deal of the year' award from Euromoney, and 'Structured Finance Deal of the year' award from Islamic Finance News.
''The exceptional support for securitised debt reflects the confidence of the market in a new asset class evolving in the UAE, and proves that a well structured instrument backed by quality assets can attract a wide pool of investors, both regionally and internationally'' Said Saifi.
Pioneering new markets
Looking into the future, Saifi believes that Tamweel has managed to fulfill a large part of its vision of becoming the most admired leader in the financial services industry regionally by employing a clearly focused strategy that includes:
- Securing Home Base
- Product and Service Differentiation
- Regional Expansion
"Tamweel now has branches in Dubai, Sharjah and Abu Dhabi and has some impressive plans for further expansion in the region," says Saifi. "This has already started with the establishment of our presence in Saudi Arabia and Egypt - two of the largest and most lucrative markets in the region." To sustain this tremendous growth, Tamweel's workforce has more than doubled in one year.