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Mon 21 Jul 2008 11:38 PM

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Dubai's Amlak says Jordan unit raises capital

Mortgage lender says capital for Amman-based operation is $89mn.

Dubai Islamic mortgage provider Amlak Finance said on Monday its Jordanian unit, Amlak Finance Jordan, had boosted its capital to 63 million Jordanian dinars ($89.06 million) from 55 million dinars.

Amlak, which offers mortgages complying with Islam's ban on the payment or receipt of interest, said earlier this month the Jordanian firm's initial public offering received more than 145.6 million dinars of subscriptions.

Amlak also operates in Egypt and Saudi Arabia, and plans to expand into Qatar and Bahrain, its Chairman Nasser Al-Shaikh said in February. (Reuters)

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