Amlak to offer leading Islamic mortgage finance solutions in Jordan
November 15 2007
Amlak Finance PJSC, the largest publicly listed Islamic finance company and pioneer in home finance in the United Arab Emirates (UAE), announced today that its leading edge products and solutions will be available in the Kingdom of Jordan through Amlak Finance (Jordan).
According to Nasser Al-Shaikh, Chairman, Amlak Finance, Amlak is one of the key shareholders alongside Jordan Dubai Capital - Dubai Holding’s Jordanian investment arm and an affiliate of Dubai International Capital - and Jordan’s Social Security Investment Unit (SSIU), in addition to the Arab Banking Corporation, Tameer PJSC, Jordan Kuwait Bank and the Global Investment House.
“Amlak 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 Islamic home finance in the United Arab Emirates, but also in the region as well,” said Al-Shaikh.
He added, “Our entry into the Jordanian market, together in partnership with JD Capital and Social Security Investment Unit (SSIU), will position Amlak as a pioneer in providing Islamic home finance solutions to all Jordanian developers and individuals looking to own their dream home, as stipulated in His Majesty King Abdullah’s vision for the provision of homes for everyone in the Kingdom.”
Amlak has recently launched its full fledged operations in Egypt and is a key shareholder in Amlak International in Saudi Arabia.
“Our expansion plans are underway and will continue to be realized in the near future, as we initiate further strategic growth that will solidify our lead as the largest Islamic finance company in region. We did establish the home finance industry in the UAE since year 2000, paving the way for more than 20 mortgage providers in the country to follow and no one but Amlak alongside its distinguished group of regional partners can replicate the same success on a regional front,” ended Al-Shaikh.
Amlak Finance (Jordan) will undergo an IPO in Jordan, set to be rolled out in the first quarter of 2008, and will then be listed in the Jordanian Stock Market. Further information about the new venture will be announced soon at an event to be organized in Jordan.