* Tamweel was planning to raise $235 mln issue
* Roadshows completed end of June
* Regional investors and traders say deal too complex
DUBAI, JULY 4 - Islamic mortgage lender Tamweel
has decided to delay the sale of a $235 million sharia-compliant
asset-backed securitisation after taking feedback from the
market, the company said in on Wednesday.
Investors and traders in the Gulf region said the deal
structure was too complex by regional standards, which has only
ever seen one previous Islamic asset-backed transaction.
"Tamweel has decided not to proceed with the RMBS
(residential mortgage-backed securities) at this time based on
market feedback," the company said in a bourse statement.
Tamweel, a unit of Dubai Islamic Bank, completed
roadshows for a potential deal at the end of June, which would
have been backed by properties and receivables located in Dubai.
Abu Dhabi Commercial Bank, UBS and
Emirates NBD were lead managers on the deal, which
would have been a rare example of a securitisation from the Gulf
Tamweel shares closed 2.4 percent higher on the Dubai bourse
before the sukuk announcement.
(Reporting by Rachna Uppal; Editing by Dinesh Nair)