Amlak considers Morocco expansion

by Reuters Wednesday, 23 May 2007

Amlak Finance, the largest UAE mortgage lender by market value, said on Tuesday it was considering expansion into Morocco, where UAE developers are building projects worth $30 billion in the next five years.

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Amlak, which opened a home loan subsidiary in Egypt this year, said in a statement it had held meetings with Morocco's central bank and finance ministry about setting up in the North African country. It did not give further details.
The Islamic mortgage lender, in which Emaar Properties has a 40 % stake, is expanding beyond the UAE as competition in providing retail mortgages intensifies.

Its Egyptian unit will begin selling mortgages in June, and Amlak will open in Saudi Arabia by the end of the year, Amlak Chairman Nasser al-Shaikh told Reuters this month.

The company was also eyeing Syria, Pakistan and Turkey, he added.



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