Established in 2000 as wholly owned subsidiary of Emaar PropertiesEmaar Properties, Amlak Finance (Amlak), the first company to provide Islamic home financing in the UAE, was listed in March 2004 on the Dubai Financial MarketDubai Financial Market (DFMDFM). Amlak's primary activity has been the provision of medium to long term finance for the acquisition, lease, and development of residential commercial and industrial property with real estate financing as its core business. Amlak which is also active in real estate property management and financial services such as brokerage and direct investment was ranked as the second most active stock on the DFMDFM in 2006.

Amlak, with subsidiaries and investments in the UAE, Egypt, Saudi Arabia, Bahrain, Sudan and Algeria established Emaar Financial ServicesEmaar Financial Services in 2005 to provide brokerage services on the Dubai and Abu Dhabi stock exchanges. In December 2006 Amlak co-founded Dubai Aerospace EnterpriseDubai Aerospace Enterprise, an aerospace manufacturing and services corporation capitalized at AED55 billion (USD15 billion). Furthering its international portfolio, Amlak launched in 2007 Amlak Finance and Real Estate InvestmentAmlak Finance and Real Estate Investment, the first Sharia-compliant home financing company in Egypt.

With Amlak's first quarter profits down 35% on market expectations in 2007 and the Central Bank of the United Arab EmiratesCentral Bank of the United Arab Emirates rejecting an Islamic banking license, Amlak changed its strategy moving away from corporate finance and concentrating on its core business, Islamic home finance. In addition, the company is seeking expansion into new markets which include Morocco, Turkey, Pakistan and Syria.