Emirates Islamic Bank may buy Dubai Bank, Amlak - report

  • Share via facebook
  • Tweet this
  • Bookmark and Share
BANK AFFILIATE: Emirates Islamic Bank is an affiliate of Emirates NBD.(Getty Images)

BANK AFFILIATE: Emirates Islamic Bank is an affiliate of Emirates NBD.(Getty Images)

Emirates Islamic Bank, an affiliate of Emirates NBD, is in talks to acquire Dubai Bank and follow it up with a purchase of troubled Islamic lender Amlak, according to a newspaper report on Sunday.

Arabic language daily Al Ittihad, citing an unnamed industry source, said the talks are at an initial stage.

Last week, Amlak's long-touted plan to merge with rival Islamic lender Tamweel was scuppered after Dubai Islamic Bank raised its stake in Tamweel.

The two firms have not traded since November 2008 when the United Arab Emirates government stepped in to restructure them.

Dubai Bank is part of Dubai Group, itself a unit of Dubai Holding which is owned by the ruler of Dubai. (Reuters)


Market Performance

Emirates Islamic Bank
0.0 0.0 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

Posted by: Banker

I?m a banker and I can confirm that Amlak?s portfolio was up for sale and presented to quite a few banks in the country to buyout. You will be surprised to know that many banks were interested. A sizeable chunk of this portfolio is performing well

Posted by: Obelix

Dear Original Joe, there's a very interesting phrase in your response : ONCE COMPLETED. Good luck on that.

Posted by: Original Joe

I am not quite in the situation of Dubai Man but my Abu Dhabi property in Al Reef Downtown should be worth at least slightly more than the original price I paid in 2006 once completed. Even if its not I put down a healthy down payment so a rental would pay my mortgage and allow a bit left over every month. Not all the properties on Amlak's books are losers and under water on equity.

Posted by: dubai man

dear John , actually i am refereing to market price Only , it's all on demand and availibility of funds , the reality i owe them less than a million and it's worth around 3 as of last month , all bank will try to make money and i forget about the stocks m i am only talking about the customer , i had no issue with them , just pay on a monthly basis even my rate was reduced . so it all about prespective .

Posted by: John

Sadly, Dubai Man, your house is only worth what someone will pay for it, so don't kid yourself about its value. But since you were in early, Amlak is lucky to have a loyal customer. They have treated their clients badly, with a lack of transparency.

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Do celebrity branded projects ever work?

Do celebrity branded projects ever work?

The long list of celebrity-endorsed real estate developments...

Smoke-free Dubai - the big debate

Smoke-free Dubai - the big debate

Will the emirate ever be smoke free? We spark up the conversation...

Is this the end of the Gulf’s Indian cash dash?

Is this the end of the Gulf’s Indian cash dash?

From currency woes to taxation loopholes closing and a clampdown...

Most Discussed
  • 10
    UAE teens among the highest for obesity rates

    Everyone in UAE knows that biggest is best.

    UAE may not light up the international league tables in standard of living, education standards, press... more

    Friday, 29 August 2014 4:20 PM - Proud UAEer
  • 9
    Saudi Arabia seeks talks on hiring of Sri Lankan maids

    perhaps the unemployed saudi men or the millions of women who are not allowed to work could pick up a broom and start sweeping their own houses. more

    Sunday, 31 August 2014 3:28 PM - nice
  • 9
    Smoke-free Dubai - the big debate

    Surprisingly the only studies that show a negative financial impact of the smoking ban on the hospitality industry are sponsored by tobacco companies ... more

    Wednesday, 27 August 2014 4:19 PM - Telcoguy
  • 24
    World's most pierced man refused entry to the UAE

    Tolerance has its limits everywhere including Dubai and those who considered Dubai a lawless circus were held accountable...so thank you Dubai authorities... more

    Thursday, 21 August 2014 10:51 PM - Khalil
  • 23
    Baby NOT on board?

    Some of you cry babies need to get your own personal apartments on the plane ! You cry more then the babies I have seen in my travels. LOL more

    Thursday, 28 August 2014 9:10 AM - Jim
  • 21
    Israel “must be punished” over Gaza, says Dubai police chief

    This high moral ground that Mick is talking abt sound very familiar. May I remind Mick that the US & its British ally alone killed over 1 million innocent... more

    Thursday, 7 August 2014 4:12 PM - Mathew