Amlak launches Islamic home finance for Egyptian market
Amlak Finance, the largest publicly listed Islamic finance company and pioneer in home finance in the UAE, today announced its further international expansion schedule with the launch of Amlak Finance and Real Estate Investment in Egypt which offers competitve Islamic home finance products available for the first time in the Egyptian market.
“With growth of over 1.5% annually, and a current shortfall of approximately 145,000 houses per year, the real estate industry has been highlighted by the current Government as an area for development in 2007,” commented Shahli Akram Juma, CEO, Amlak Finance and Real Estate Investment in Egypt. “The introduction of the mortgage finance law in Egypt will spur the market and enable individuals across Egypt to own their own home for the first time within a well regulated system headed by the Mortgage Finance Authority - MFA.”
Amlak will roll out a number of Sharia’a compliant home finance offerings during 2007, from its sales outlet at the Citystars Mall. Customers will initially be able to purchase any completed property, with other innovative product models set to be introduced throughout the year. With this launch, Amlak is the first company in Egypt to offer Islamic Home Finance products in accordance with Sharia’a principles. Reaching out to Egyptian nationals and other nationalities looking to invest in the country’s booming economy, the launch product will offer long term tenures of up to twenty years.
“As we work to provide physical housing for all sectors of society, it is right that people should have the ability to choose a financing solution that is in line with their beliefs. Introducing a regulatory body and building an infrastructure to drive the real estate sector in Egypt will provide a secure market for Egyptian nationals, residents and non-residents to invest carefully in a home for life, and Amlak’s entrance in to the market ensures that they have the choice of Shari’a compliant products when looking to invest their savings,” commented The Mortgage Finance Authority Official.
The MFA is a regulatory body whose mission is to create an efficient Egyptian mortgage finance market that plays a strong role in Egypt’s economic growth, helps Egyptians to own their homes and commercial properties, and safeguards the rights of consumers and other mortgage market participants.
“Egypt is primed for massive investment in the housing sector, with interest from a number of developers announcing retail, residential and commercial projects across the country,” commented Shahli Akram Juma, CEO, Amlak Finance and Real Estate Investment. “As one of the pioneers of Islamic Financing in the UAE, this is an important step in our international expansion, so it was important to ensure we developed a product to suit the local market, with a robust investment rationale to satisfy our shareholders. In Egypt it is clear that there is strong internal demand for quality housing with Sharia’a compliant finance, from both resident and non-resident nationals as well as expatriates.”
The company will operate under the name “Amlak Finance & Real Estate Investments” as per the Commercial Register in Egypt.