Emirates Islamic Bank may buy Dubai Bank, Amlak - report

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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)

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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.

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