Amlak, the largest publicly listed Islamic finance company offering Shariah compliant solutions to customers and a pioneer of home finance in the UAE, held its Annual General Meeting today at the DIFC, in the presence of the Shareholders, Board of Directors and senior executives. Also present at the meeting were Amlak’s auditors Ernst & Young, the Shariah Board and representatives from the Ministry of Economy the Dubai Economic Department and the Securities and Commodities Authority.
Amlak Finance recorded a net profit of AED 130 million, after depositor’s share, for year ended December 31, 2006, representing 23% increase over the previous year. The company saw revenues of AED 390 million against AED 266 million in 2005, representing a 47% rise over 2005, including a surge in revenue from core business, by 78%.
Commitment ratios increased 130% Amlak continue to be a leading player in the home finance field, whether being first to market with innovative products designed from customer feedback, opening new offices in the UAE, or launching newly established branch offices in countries around the region.
The meeting was led by incumbent Chairman Mohammad Al Abbar, who announced during the meeting that he would step down as Chairman for the Financial Year of 2007. In a meeting held shortly after the AGM, attended by the Board members, Nasser Hasan Al Sheikh was appointed as Chairman of the Board for 2007. At the same time, Vice Chairman Mohammed Ibrahim Al Shaibani stepped down from the board, and Ali Ibrahim Mohammed was nominated to serve in this position. The new board consists of Mohammed Ali Al Hashimi, Saleh Saeed Lootah, Farouk Arjomand, Ahmed Hamdan Bin Dalmuk, and Isam Eldin Galadari. The Secretary of the Board will be Mohammed Ghebeh.
“During the AGM I was pleased to announce that Amlak’s recent surge of activity in international expansion is definitely going to continue,” commented Mohamed Al Abbar “We are already embarking on due diligence reports for a number of countries around the North Africa and Sub-Continent, to offer more opportunities for investors within the UAE to expand their portfolios abroad, as well as attracting further foreign investment in to the UAE. I look forward to seeing Amlak growing from strength to strength in the future.”
