ENSEC completes first Shariah-compliant home finance securitization for Tamweel

Emirates National Securitization Corporation (ENSEC) was created to establish a secondary mortgage finance system for both residential and commercial mortgages in the UAE. Established first in Dubai, ENSEC is a joint venture between and among entities controlled by Istithmar which is, in turn, controlled by the Royal Family of Dubai, DIB, Island Emirates Holdings LLC, and Pender Ltd. Advised exclusively by Island Capital Group LLC whose partners include Andrew L.

Farkas, former Chairman and CEO of Insignia Financial Group, Inc. (NYSE:IFS) and Andrew M. Cuomo, former United States Secretary for Housing and Urban Development in the Clinton administration, ENSEC recently completed the first AAA rated asset-backed securitization in the UAE. ENSEC’s ultimate objective is to establish itself as the conduit for real estate securitization in the region in a manner similar to Fannie Mae and Freddie Mac in the US.