Dubai Islamic says settles 4 bln dirhams of liabilities from Tamweel
DUBAI, Sept 19
DUBAI, Sept 19 (Reuters) - Dubai Islamic Bank has settled 4 billion dirhams ($1.09 billion) of liabilities from mortgage subsidiary Tamweel two years ahead of their maturity, the bank said on Thursday.
This amounts to all of Dubai Islamic's bilateral liabailities relating to Tamweel, a bank statement said.
The bank settled the liabilities early because it has "robust capitalisation and ample liquidity", it said.
They were part of a five-year moratorium Tamweel agreed with creditors in 2010 and were due to mature in October 2015.
Dubai Islamic upped its stake in Tamweel to nearly 90 percent following a tender offer earlier this year to acquire the Islamic mortgage provider's outstanding shares.