Amlak still hopeful for banking license

by Reuters Wednesday, 25 April 2007

Islamic mortgage provider Amlak Finance, Dubai's worst performing stock, said the United Arab Emirates central bank is still considering its application for a banking licence so it can take deposits.

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Amlak Deputy Chief Executive Officer Shahli Akram said earlier this month that the central bank had rejected its request for a licence.
"Our application is a live application," Nasser al-Shaikh, Amlak's chairman told Reuters late on Tuesday. The central bank, in a statement on Tuesday to the UAE stock market regulator, said it would inform Amlak of its decision.
It did not give further details.

A bank licence would allow Amlak to collect deposits, driving down costs and letting the company offer cheaper mortgages.

Amlak posted its second-smallest quarterly profit in two years on higher costs and delays in property projects limiting revenue growth.

Net income in the three months to March 31 dropped 35.4% to 24 million dirhams ($6.53 million) after depositors' share, compared with 37.13 million dirhams in the year-earlier period, the Emaar Properties affiliate said in a statement on Tuesday.



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