$300m sukuk sales for Amlak

Bloomberg reported that Amlak Finance will sell $300m in Islamic bonds. Amlak Finance recently was rejected an application for a full banking licence.

The home finance lender is folowing a strategy of expansion into new markets in the Middle East, North Africa and the Indian sub-continent.

Amlak has decided not to pay a dividend for 2006, following Emaar earlier announcement to limit the payment of the dividends for 2006 up to 20% only.