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Emirates Bank Group (EBG) through its subsidiary Emirates Islamic Bank (EIB) and Amlak Finance, the largest publicly listed Islamic finance company and pioneer in home finance in the UAE yesterday announced the signing of a Dh800 million flexible 360-day Wakala facility.
This is the first step of a much more comprehensive relationship between the two leading Islamic finance institutes in the UAE which will deliver innovative Islamic Finance products to the regional market.
The signing ceremony was attended by numerous dignitaries from EIB and Amlak Finance including Ebrahim Fayez Al Shamsi CEO of EIB and Nasser Al Shaikh Chairman of Amlak Finance and Arif Alharmi CEO of Amlak Finance, signifying the importance of the agreement and commitment of both parties to its success.
"We are very excited about this landmark agreement and hope that it will, inshallah, be the beginning of a long and fruitful relationship between the two parties," commented Abdulla Showaiter, GM of Corporate and Investment Banking EIB. "This is a great example of a local specialist bank providing the in-house knowledge to deliver an intricate financial structure to a reputable home finance specialist, which will definitely contribute to enhancing the already powerful financial status of the Emirates Bank Group."
"There is a substantial market opportunity for structured financial products in the wakala model, and we believe this partnership approach delivers flexibility and speed to market that mark a significant milestone in the development of the regional Islamic Finance Industry. This partnership has been designed to deliver many more financial products to follow as our relationship with Amlak Finance develops," concluded Showaiter.
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