DUBAI, 8 November 2007 — Amlak Finance, the largest publicly listed Islamic finance company and pioneer of home finance in the UAE, plans to enter GCC markets after its success in the UAE market.
“We will be active in Riyadh very soon in collaboration with a highly reputed local partner and we have already entered in Egypt” Arif Alharmi, CEO of Amlak Finance, told Arab News.
“We also have plans to enter Jordan, Qatar and Bahrain markets. When we enter other countries, mostly we go with reputed local partners,” he added.
Saudi venture is likely to offer mortgages, rather than any other kind of financial services.
However, Amlak focuses on consolidating its local competitiveness in the home finance industry whileexpanding in promising new markets.
“We will be able to further understand the need in developing markets, once we evaluate our own continued growth at home. We want to strengthen our key elements in order to ensure the best implementation of our offering to our client base,”
“We offer up to 85 percent finance for residential and commercial properties. Our primary activity is offering medium to long-term financing solutions for residential and commercial properties in different emirates in the UAE,” he said.
While real estate finance remains Amlak’s core business, the home finance provider is constantly developing innovative products to meet customers’ demands and market conditions through offering Islamic financing solutions, real estate management, and the management of sales and selling on behalf of developers as well as offers complete solutions for major real estate developers.
Meanwhile, Amlak has announced the appointment of Cedar Management Consulting International in assisting Amlak Finance to formulate and implement its new growth strategy.
“Cedar Management Consulting International will play a significant role in refining Amlak’s strategic and operational procedures. As we continue to focus on our core competencies and aim for continual improvement, it is paramount to ensure that all of our activities are in line with international best practices. Cedar’s expertise will be a useful tool in driving Amlak forward and augmenting our offering to customers,” Alharmi said.
The consulting firm will assist Amlak Finance in enhancing key areas such as new client acquisitions, IT systems and international expansion.
Last month, Amlak Finance had signed a strategic alliance with Real Estate Bank headquartered in Abu Dhabi. Established in 2000, Amlak Finance has transformed into a public entity in 2004 and is currently the largest publicly held Islamic finance company in the UAE. As of May 2007, it has some 35,755 shareholders.