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Financial limbo spurs further Amlak losses

Posted on 13 May 2011

Amlak Finance, the larger of the UAE’s two Islamic home financing companies, lost Dh54.7 million (US$14.8m) in the first three months of the year due to falling revenues and higher defaults.
The results underscore the financial limbo Amlak has been in since it stopped offering new mortgages in late 2008. Battered by Dubai’s property slump, Amlak halted trading of its shares on the Dubai Financial Market that year as authorities tried to work out a merger with the country’s other big home financier, Tamweel………………………………………Full Article: Source

 
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