Amlak Finance PJSC, the leading home finance and Islamic finance institution, recently announced a steady rise in the number of Emirati employees within their workforce. The increment falls in line with Amlak’s Human Capital strategy to increase their UAE National personnel to 35% towards the end of 2006.
Even though Emiratization is a national project, few companies in the UAE have been able to hire locals at the pace that Amlak has. In a span of three months, Amlak managed to increase their National work force from 18% to 26%.
Commenting on the achievement, CEO of Amlak Mr. Mohammed Al Hashimi said, “We are proud to have aligned ourselves to the great vision of HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, of developing a skillful national workforce. Our biggest strength at Amlak is our human capital; we are very firm believers in investing in our people especially in fostering the potential of our UAE nationals. We believe that the Emirati youth will carry this country into the future, and Amlak being the largest specialized home finance company in the region, offers a great learning platform in one of the most important and fast-growing industries in the region.’
Mr. Hashimi added, “Some of the main difficulties that organizations face today is in matching the right skills and competencies with the existing supply in the most resourceful way. We at Amlak constantly monitor our employees’ performance in order to optimize the learning curve and drive them to meet expectations. And I’m glad to say that thus far all our employees including the National workforce have been exceeding our expectations.”
Angela Fowler, Head of Human Capital at AMLAK further added, “We realize that establishing open communications channels at all levels is important to create an environment of seamless transfer of knowledge and expertise. At Amlak, we are further vigilant of discouraging cultural and other silos, to ensure a perpetual environment of best practice sharing.”
AMLAK provides home finance for several leading property developers in the region and in 2005 AMLAK strategically ventured into the property sales and management market whereby they manage and sell properties for private developers.
AMLAK Finance developed from Emaar’s wholly-owned home finance subsidiary in 2000 to a mature and diversified publicly listed Islamic financial institution in 2002. The primary activity of the established lender being the provision of medium to long term finance (10-25 years) for the acquisition, lease, and development of residential, commercial and industrial property.
The company has believed in building its business and has designed its products and services in a Sharia-compliant manner.
Amlak Finance PJSC (Amlak) was established in November 2000 as a wholly - owned subsidiary of its still major shareholder Emaar Properties PJSC (Emaar). The Company ceased to be wholly– owned in 2003 following a tripling of the capital base. An IPO was held in January 2004 and the Company was listed on the Dubai Financial Market in March 2004. Emaar currently owns 45% of the Company. No other shareholder has a stake of 5% or above. As at end 2004 non-national shareholders held an aggregate 22.8%.
