Islamic mortgage lender Amlak Finance has agreed to provide loans for investors buying properties in two projects built by Dubai-based Cayan Investment and Development, Amlak said on Tuesday.
Amlak's mortgages would cover as much as 90% of the value of properties in Silverene Towers and Cayan Business Centre, the company said in a statement.
Amlak, which complies with Islam's ban on receiving interest, said last month it expected profit to grow at least 70% this year.
Amlak, which has operations in Dubai, Egypt and Saudi Arabia, said it plans to sell asset-backed Islamic bonds worth about $260 million to finance expansion, possibly into Jordan and Morocco.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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