AMLAK Finance PJSC, the leading Islamic home finance company, has announced a strategic partnership with Al Fattan Properties to market, sell and finance the remaining apartments in the prestigious Al Fattan Marine Towers, in Dubai Marina including other future developments.
Under the deal, which will be formally launched at real estate event Cityscape, Amlak will market and sell units within the development through its sales centre to its extensive customer base.
“This is another significant milestone for Amlak,” said Mohammed Ali Al Hashimi, CEO of AMLAK Finance. We are bringing our proven sales, marketing, and customer care qualities to this partnership in order to offer home buyers the assistance they need to purchase the most prestigious homes that matches their lifestyles.”
Strategically located in the heart of Dubai Marina, the 51 storey Al Fattan Marine Towers offers customers apartments equipped with high quality fittings and fixtures in addition to unlimited views of the ocean, Dubai Marina and the Palm Jumeirah.
In addition to its marketing and sales efforts, AMLAK will also offer finance on the properties of up to 80% of the purchase price for up to 25 years.
“AMLAK and Al Fattan share the same core value of providing outstanding customer service with quality products. Amlak’s competitive range of home finance products fits well with Al Fattan’s superior and exclusive developments.” Al Hashimi continued.
“We are very pleased to announce this strategic tie up with Amlak for our prestigious Al Fattan Marine Towers, and we look forward to developing the relationship for our other future developments,” said General Musabbah Al Fattan, Chairman of Al Fattan Properties.
“With the towers close to completion and anticipated delivery of apartments early December 2005, we will be able to cater to the demands of customers for high quality freehold properties with our tie up with Amlak”, added Al Fattan.
This latest move is in line with AMLAK’s policy of diversification of revenue streams and further solidifying its position as one of the leading Islamic financial institutions in the region.
Established in October 2000, AMLAK Finance PJSC, now the largest publicly held Islamic finance company in the country, is a pioneer in mortgage finance. Its growth strategy combined an Initial Public Offering in January 2004 that was oversubscribed 33 times, increasing its capital to AED750 million and accompanying its conversion into an Islamic financial institution that offers Shari'a compliant products. The recent launch of the company’s Murabaha Auto Finance is the first of many new products expected to come on board this year. In 2003, AMLAK saw a profit increase of 300 per cent to reach AED14 million compared to AED3.5 million in 2002. In the first half of 2004, net profits increased 447% to AED19.603 million against AED 3.582 million for the same period last year. The profit achieved in the first half of 2004 was also 40% higher than the entire profit for the year 2003. AMLAK is currently traded on the Dubai Financial Market with EMAAR properties holding majority ownership and a 45 per cent stake in the company.
© 2005 Al Bawaba (www.albawaba.com)
