Amlak names Cedar for growth plans

Islamic mortgage provider appoints management consultant to draw up, implement growth strategy.
Amlak names Cedar for growth plans
By Reuters
Thu 08 Nov 2007 01:53 AM

Amlak Finance said yesterday it appointed Cedar Management Consulting International to draw up and implement a new growth strategy for the Dubai-based Islamic mortgage provider.

"Cedar ... will play a significant role in refining Amlak's strategic and operational procedures. As we continue to focus on our core competencies and aim for continual improvement, it is paramount to ensure that all of our activities are in line with international best practices," CEO Arif Al-Harmi said in a statement.

Amlak, which has recently expanded into Egypt and Saudi Arabia, will focus on consolidating its local competitiveness in the home finance industry while expanding into new markets, it said.

Amlak has said it is looking to Qatar, Jordan and Bahrain for possible expansion.

Amlak posted a profit of AED67 million ($18.25 million) in the third quarter, its second biggest quarterly profit ever and double its earnings a year earlier, as it lent more and cut borrowing costs. It beat analysts' forecasts.

The company, which complies with Islam's ban on lending on interest, had assets worth about AED 7 billion on September 30.

Amlak and rival Tamweel lost market share in the year to March 31 to banks, which expanded their home loan business to meet surging demand spurred by construction boom in the region, National Bank of Abu Dhabi said in August.

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