AMLAK continues to add prestigious developers to growing list of partners
Dubai, December 1, 2004: AMLAK Finance PJSC, the mortgage finance pioneer and innovator of Islamic finance, has joined hands with Estithmaar Reality, developers of Jumeirah Beach Residence (JBR), to provide home buyers with a wide variety of valuable home financing options.
AMLAK will finance up to 90% of the purchase price of the home over 25 years for UAE nationals and 15 years for expatriate residents at extremely competitive rates.
"We are thrilled to offer qualified home buyers the assistance they need to purchase a JBR home that matches their lifestyle," said Mohammed Ali Al Hashimi, CEO of AMLAK Finance. "We are proud to support the government-led initative to offer quality homes and a lifestyle to match by providing mortgage finance to Estithmaar customers.
"AMLAK and Estithmaar share the similar core value of making home ownership a reality for people from all walks of life. With up to 90% of the purchase price financed by AMLAK at one of the lowest rates in Dubai, a home is instantly affordable to all," Al Hashimi continued.
Since AMLAK's successful debut on the Dubai Financial Markets earlier this year, the Islamic finance company and mortgage pioneer has been working to developed its mortgage portfolio to finance customers of some of the most prestigious developers in the country in addition to Emaar.
Hashimi added: "The strengthening of AMLAK's capital base to AED750 million through a ground breaking IPO earlier this year has enabled us to well and truly open our doors to the growing ranks of developers. Our forthcoming innovative residential mortgage backed Sukuk, the first of its kind in the region, should further strengthen our capital base and allow AMLAK to make more dreams of homeownership come true."
So far AMLAK has financed more than 3,200 home buyers and extended more than Dhs2.5 billion in mortgage finance.
AMLAK offers more value to their customers than another mortgage provider. Every home buyer approved for AMLAK finance will receive a Privilege Card, which extends exclusive discounts to the holder at a wide range of furniture and home-related outlets throughout the UAE.
JBR is a seaside development on 2.2 million sq ft of coastal land along Jumeirah Beach. The beach front properties are being developed with the objective of meeting the demand for luxurious residential units at an affordable price on a freehold basis.
-Ends-
Note to Editors:
Established in October 2000, AMLAK Finance PJSC, now the largest publicly held Islamic finance company in the country, is a pioneer in mortgage finance. Its growth strategy combined an Initial Public Offering in January 2004 that was oversubscribed 33 times, increasing its capital to AED750 million and accompanying its conversion into an Islamic financial institution that offers Shari'a compliant products. The recent launch of the company's Murabaha Auto Finance is the first of many new products expected to come on board this year. In 2003, AMLAK saw a profit increase of 300 per cent to reach AED14 million compared to AED3.5 million in 2002. In the first half of 2004, net profits increased 447% to AED19.603 million against AED 3.582 million for the same period last year. The profit achieved in the first half of 2004 was also 40% higher than the entire profit for the year 2003. AMLAK is currently traded on the Dubai Financial Market with EMAAR properties holding majority ownership and a 45 per cent stake in the company. For more information, please log on to www.amlakfinance.com
For further information, please contact:
Elaine Boucher/Lavina Monteiro
ASDA'A Public Relations
Exclusive Affiliate of Edelman,
Middle East & North Africa
Dubai,
UAE
Tel: 971-4-3355969,
Fax: 971-4-3356080
E-mail: e.boucher@asdaa.com
© Press Release 2004
