GCC: Mortgage finance market set to expand

The mortgage finance market in the Gulf Cooperation Council (GCC), currently put at $750 billion, is set to expand and deepen considerably in the near future, according to Mohammed Al Hashimi, CEO, Amlak Finance, the leading Islamic home finance house.

Speaking at the Islamic Real Estate Finance Middle East Conference (IREF ME 2005) Al Hashimi said: “The UK mortgaged property market is valued at $1 trillion, with a population of 55 million. Extrapolate this ratio to the GCC, and the property market has the potential to be worth $750 billion.”