Amlak renews request for bank licence

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.

Shares of Amlak were up 1.3% at 07.55 GMT.

Goldman Sachs in March raised its price targets on Amlak and rival Tamweel, saying the stocks were oversold.

The brokerage, which raised its price target on Amlak shares to 5.10 dirhams from 4.80 dirhams, said the company has started improving performance and returns by refocusing on the core business of Islamic mortgage finance.

It retained a "neutral" rating on the stock, which last traded at 4.83 dirhams.(Reuters)

Print | Email | Discuss this article |

USER COMMENTS (0 COMMENTS)

POST A COMMENT

CLICK HERE TO POST A COMMENT

Add your Comment All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Name *
Remember me on this computer
Email *	(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments
Security Code *
Please click post only once - your comment will not be published immediately.