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Sharm Al Shaikh: Amlak Finance PJSC, the United Arab Emirates' second-biggest provider of home mortgages by market value, plans to sell Islamic bonds in the third and fourth quarters of this year to fund expansion.
Amlak is talking with three local and four international banks to help with the fund-raising, Chairman Nasser bin Hassan Al Shaikh said in an interview in Sharm Al Shaikh, Egypt.
“We'll have one issue ready by end of the third-quarter and the second issue being rolled during the fourth,” he added.
Amlak's shareholders approved a plan in March to sell convertible Islamic bonds, or sukuk, of Dh1.8 billion and non-convertible sukuk of Dh3 billion.
Amlak will “be operational in Qatar and Jordan in the third quarter of this year,” adding to its presence in the UAE, Saudi Arabia and Egypt, Al Shaikh said.
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