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Tue 2 Oct 2007 07:22 PM

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Amlak agrees mortgages for Dubai projects

Islamic lender to cover up to 90% of value of units in two Cayan developments.

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.

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