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25 February 2024

Amlak’s move into Bahrain just the start

By Parag Deulgaonkar


Islamic mortgage provider Amlak Finance has finalised plans to enter Bahrain in the next few months and is evaluating the Syrian market, a top company executive said.

“We have completed our studies and find Bahrain to be a promising market. We may enter on our own, or through a joint venture,” Amlak Chief Executive Officer Arif Alharmi told Emirates Business. “We are in talks with couple of partners in Syria, but nothing has been finalised.”

The company earlier announced plans to launch Amlak Barwa Finance, a mortgage finance firm in Qatar with Barwa Real Estate to tap the regional real estate boom.

Although Amlak does not have active plans to enter Oman and Kuwait this year, the company is looking at the opportunities in the two countries.

Amlak is working on different options to raise funds to finance Middle East expansion, including various forms of sukuk.

“We will raise a total of Dh6 billion this year through various vehicles and that include the delayed $260m sukuk,” Alharmi said. The company had delayed issuing the Islamic bonds, citing unfavourable conditions.

It will float its Jordan affiliate to raise $75m (Dh275m), Nasser Al Shaikh, Chairman, Amlak, had said. “The size can always be increased. Our funding in 2008 will be country specific.”