Amlak Finance renewed its application to become a bank
Dubai-based Islamic mortgage company Amlak Finance said it renewed its application to become a bank, for which it first applied more than two years ago.
In a statement on the Dubai bourse website on Thursday, the Emaar Properties affiliate did not give more details. Becoming a bank would allow Amlak to take deposits that it could then lend on as mortgages.
The Central Bank of the UAE is thought to be reluctant to issue any more banking licences as there is currently 51 banks, up from 48 a year ago. However, the fact that the three newest banks have all been Islamic could be something that is giving Amak the courage to keep applying as the UAE hopes to become the Islamic finance hub of the Middle East, ahead of Bahrain which also saw a number of Islamic bank launches in 2007. Among the new entrants in the UAE were Al Hilal, Noor Islamic Bank and Crescent Bank.
Shares of Amlak were up 0.63 per cent at AED 4.80 on Thursday.
In a statement on the Dubai bourse website on Thursday, the Emaar Properties affiliate did not give more details. Becoming a bank would allow Amlak to take deposits that it could then lend on as mortgages.
The Central Bank of the UAE is thought to be reluctant to issue any more banking licences as there is currently 51 banks, up from 48 a year ago. However, the fact that the three newest banks have all been Islamic could be something that is giving Amak the courage to keep applying as the UAE hopes to become the Islamic finance hub of the Middle East, ahead of Bahrain which also saw a number of Islamic bank launches in 2007. Among the new entrants in the UAE were Al Hilal, Noor Islamic Bank and Crescent Bank.
Shares of Amlak were up 0.63 per cent at AED 4.80 on Thursday.
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