Amlak Finance (Jordan) - previously Inwan Investment - was officially established during the recently held Extraordinary General Meeting (EGM), which was attended by a large number of shareholders in Amman.
The company's capital was increased by eight million shares to 63 million, of which five million shares will be allotted to Amlak Jordan Limited, a wholly-owned subsidiary of Amlak Finance, UAE, and the remaining three million shares will be allotted to International Finance Corporate (IFC) of World Bank.
Mufleh Aqel, Chairman of Jordan's Social Security Investment Unit and Chairman of Amlak Finance (Jordan), said, "Amlak's entry into the Jordanian market will help position us as a pioneer in providing home finance solutions to all Jordanian developers and individuals looking to own their dream home, as stipulated in King Abdullah's vision for the provision of homes for everyone in the Kingdom."
Nasser bin Hassan Al-Shaikh, Chairman of Amlak Finance UAE and Vice-Chairman of Amlak Finance (Jordan) said: "It is a pleasure to work hand in hand in Jordan and with corporations such as the Social Security Corporation, Jordan Dubai Capital, the Arab Banking Corporation and the Global Investment House among others.
"We are confident and hopeful that Amlak Finance (Jordan) will play a major role in the further development of the Jordanian real estate financial sector. We are looking forward to join forces and efforts with other parties to achieve the 'Securitisation Law' which is important for the growth of the real estate finance sector and will contribute to the success of this project."
The company also added one board members to take it to ten members.
The first general assembly meeting saw the election of the new board of directors under the chairmanship of Mufleh Akel and vice-chairmanship of Nasser bin Hassan Al Shaikh, chairman of Amlak Finance.
By Staff Writer
© Emirates Business 24/7 2008
