Amlak (UAE) applies for banking licence

Islamic home finance provider Amlak has reapplied for a banking licence to the UAE Central Bank. Amlak previously applied for a licence to launch an Islamic bank last year, but was not granted approval.

This may have been due to the company’s troubles in recent years: in 2006, it was one of the worst performing stocks on the Dubai Financial Market, and in March 2007 its founding CEO resigned. Since then, Amlak has registered strong growth, with net profits increasing to AED301 million (US$82m) last year, a 131% increase on 2006.

The finance provider began operations in the UAE in 2000 and now has joint ventures in Saudi Arabia, Jordan, Qatar, and a wholly owned unit in Egypt. Amlak will also be launching a 100% subsidiary in Bahrain in the coming months.

Source: ArabianBusiness June 2, 2008

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