Amlak launches first Egypt office

by ArabianBusiness.com staff writer Thursday, 01 February 2007

Amlak, the largest publicly listed Islamic finance company in the UAE, has launched an office in Cairo.

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The company becomes the first UAE Islamic home finance house with an international branch.
Amlak Finance & Real Estate Investments will offer Islamic home finance products in Egypt in accordance with Shariah principles to meet the housing needs of nationals and offer investment opportunities to expatriates from around the Middle East.

Studies have found that Egypt currently has demand for an additional 2.5m housing units, with the number of inhabitants expected to increase by 1.5m a year. This would require an extra 350,000 housing units per year to meet this demand.

Mohammed Al Hashimi, managing director and CEO, Amlak Finance, said: "Amlak is committed to developing innovative Islamic financial solutions for investors, whether they are in the UAE or further afield. As one of the pioneers in Islamic financing in the UAE it is fitting that we are already taking international steps in our second year of operation as a publicly listed company."

New legislation simplifying the registration of property is expected to boost the Egyptian real estate market.



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