Amlak Finance, the largest publicly listed Islamic finance company and pioneer of home finance in the UAE, today signed a Memorandum of Understanding with International Finance Corporation (“IFC”), a member of the World Bank Group, to make home ownership more affordable in the Middle East and North Africa. According to this agreement, Amlak and IFC will coordinate efforts to help develop a housing finance market in the region by potentially establishing joint venture partnerships in some of the countries that Amlak is expanding into.
“As a finance company with first-hand expertise in entering emerging markets, Amlak Finance is in a position to deliver financial solutions to new customers in surrounding regions. It is important to build on our commitment to expand our services to the MENA region and Asian Subcontinent. We are looking forward to a solid relationship with IFC which shares our vision and goals in developing a sustainable housing finance market in the region,” commented Chairman of Amlak Finance, Nasser Al- Shaikh.
IFC recognizes that the housing finance sector is still underdeveloped in the MENA region when compared to other more developed economies. IFC has invested over $300 million to promote housing finance institutions in the region including Afghanistan, Oman, Egypt, Lebanon, Pakistan, and the West Bank and Gaza.
Gulrez Hoda, IFC Senior Manager, commented, “Development of the housing stock and its financing is a key element of economic growth. Access to housing finance in the Middle East and North Africa is limited when compared to markets in other regions. We are pleased to work with like-minded partners such as Amlak to increase access to housing finance markets and make home ownership more accessible.”
