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Amlak sees rise in mortgage defaults in ‘09

Posted on 06 May 2009

From Maktoob.com: Mortgage defaults are expected to rise in Dubai this year due to the global downturn, Amlak Finance, an Islamic lender being rescued by the government, said on Tuesday.

“We are experiencing more delinquencies in terms of mortgages in 2009 and it will be very challenging to manage going forward,” Max Hamidi, chief financial officer at the Islamic mortgage firm, said at a conference…….Full Article: Source

 
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