Emirates Islamic Bank and Amlak Finance sign AED800m flexible 360-day Wakala Facility

Notes and media contacts

For more information, please contact:

Aimee Peters
Tel: +971 4369 8563

About Amlak
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 18.62%.

About Emirates Islamic Bank
The Bank was launched in 2004 to provide high quality Islamic banking services across the UAE. We offer a range of Shari'a compliant products and services conforming to the highest standards of Islamic finance and all our activities are overseen by a Shari'a board comprising several prestigious scholars of Islamic law. Our desire to conform to all aspects of Shari'a means that we do things differently from conventional banks. We don't charge or pay interest, and we seek to avoid uncertainty in our transactions. Instead of conventional credit facilities like loans and overdrafts, we use Islamic financing methods such as Murabaha, Ijarah and Salam. Instead of paying interest on savings accounts or investing our customer's money in interest paying funds, we use Islamic profit-sharing structures and Islamic investment funds. Many of our products are different from those offered by other banks and you can always expect the highest levels of service from Emirates Islamic Bank.

About Emirates Bank Group
Emirates Bank Group is a leading regional financial services conglomerate based in Dubai in the United Arab Emirates and is celebrating its 30th year in 2007. The Bank is merging with National Bank of Dubai to create the largest financial institution in the region with total assets exceeding AED 165 billion. Emirates Bank Group services include Wholesale Banking and Investment Banking through its Corporate Banking Units, Retail Banking through meBANKING distribution channels and Al Shaheen priority banking centres as well as Treasury Services.

Emirates Bank Group also offers Islamic Banking through Emirates Islamic Bank, Asset Management through EIS Asset Management, Property Development through Union Properties, Insurance through National General Insurance, Card Processing through Network International, and Brokerage Services through Emirates International Securities.

Emirates Bank was the first bank in the UAE to open a branch in the Kingdom of Saudi Arabia. The Group owns 10% stake in Bank of Beirut and is a strategic shareholder in Al Baraka Banking Group. The bank also has a branch in London and representative offices in India, Iran and Singapore. The bank signed a memorandum of understanding on mutual cooperation with JSC Bank TuranAlem in Kazakhstan with the aim to establish an Islamic Bank in the country.

Emirates Bank Group enjoys a solid financial position and ranks among the top UAE banks in terms of total assets and profitability. The Group has an excellent rating by International Rating Agencies. It also has firm footing in the UAE community through its corporate social responsibility programs, particularly the Al Tomooh scheme for supporting and financing small national enterprises.