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27 February 2024

Amlak eyes 70% profit growth in 2008

By Agencies


Dubai-based Islamic mortgage lender Amlak Finance is aiming for a 70 per cent rise in 2008 profit on increased lending in its home market and contributions from foreign operations, its chairman said on Tuesday.

"We're looking at 70 per cent profit growth again in 2008 ... We will be more aggressive in our core business," Nasser Al Sheikh told the Reuters Islamic Finance Summit in Dubai.

The company would sell covered and convertible Islamic bonds and raise money through real estate funds as part of a Dh6 billion ($1.63 billion) financing programme in 2008, Sheikh said.

The company was delaying the $260 million sale of asset-backed securities until at least the end of the year, Sheikh said.

"The timing now is not right," he said. "We are hearing the window may open in Q4 this year or in 2009."

The sale of shares to the public in its Jordanian venture is now set to go ahead in the second quarter.

Amlak is aiming to begin operations in Qatar, where it has tied up with Barwa Real Estate, Bahrain and Jordan by July, Sheikh said.

"We're looking at foreign operations contributing around 50 per cent of our financing book and revenue within three years," Sheikh said." (Reuters)