| 21 Feb 2008 |
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Amlak Finance Applies for License to Operate in Bahrain
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Nasser Al-Shaikh: Bahrain operation signals another building block in AmlakAmlak
's regional expansion plans , the largest publicly listed finance company and pioneer in home finance in the United Arab Emirates (UAE), announced today that it applied for a license from Bahrain's Central Bank to operate in the Kingdom as a wholly owned entity under Amlak Finance (Bahrain). Following a recent visit to Bahrain and meeting with the Central Bank, H.E. Nasser Al-Shaikh, Chairman, Amlak FinanceAmlak Finance, affirmed that the countdown to the launch of Amlak Finance (Bahrain) has begun.
"Bahrain is a renowned financial hub in the region and with the growth in its real estate sector, the time is ripe today for AmlakAmlak
to proceed with adding another building block in its strategic expansion plans," remarked Al-Shaikh. "Amlak FinanceAmlak Finance is pleased with the progress of its expansion plans in the region, which will effectively position the company not only as the uncontested leader in home financing in the United Arab Emirates, but also in the region as well." According to market reports, Bahrain's home finance sector is estimated at USD700-800 million, with anticipated growth at around 50%. The ambitious development of the properties market, especially in the middle- to high-end bracket, is set to meet rising demand from Bahraini, GCC and expatriates over the next 3-4 years.
In addition to offering its full range of pioneering home financing solutions, Amlak FinanceAmlak Finance
will also develop special packages targeting special niche segments in Bahrain."I anticipate that Amlak Finance Bahrain will be operational within this year," affirmed Al-Shaikh. "We are also gearing up to officially launch in Jordan and Qatar in 2008."
AmlakAmlak has launched last year its full fledged operations in Egypt and Saudi Arabia.
-Ends-
:Established in 2000, Amlak Finance PJSCAmlak Finance PJSC
has transformed into a public entity in 2004 and is currently the largest publicly held Islamic finance company in the UAE. Amlak FinanceAmlak Finance is the first specialised home finance provider in the UAE and continues to be a leader in the industry by retaining the biggest market share according to released financial reports in 2007. In addition, AmlakAmlak is considered the largest finance among the publicly traded companies in the UAE. The primary activity of the company is offering medium to long-term financing solutions for residential and commercial properties in a number of emirates in the UAE. Whilst real estate finance remains AmlakAmlak's core business, the home finance provider is constantly developing innovative products to meet customers' demands and market conditions through offering Islamic financing solutions, real estate management, and the management of sales and selling on behalf of developers as well as offers complete solutions for major real estate developers.
For Further information, kindly contact:
contact company::
Lina Anani,
Vice President Corporate Communications
AmlakAmlak Finance
email:LAnani@amlakfinance.com
telephone: +971506326564
© Press Release 2008
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