Amlak Finance to become a founding shareholder of the Egyptian Mortgage Refinance Company

The association with EMRC was announced at a meeting between Egyptian government officials and high-level Amlak executives, which helped to re-affirm Amlak Finance's commitment to the Egyptian mortgage sector. The EMRC, which will act as a market maker and a source of long-term funding by handling securitization transactions in Egypt, will play a key role in developing the mortgage industry in the country.

Amlak Finance will be one of the prominent shareholders alongside the likes of the Central Bank of Egypt, the International Finance Corporation (IFC) - the World Bank's commercial arm - and over 20 Egyptian financial institutions.

"It is important to note that Amlak Finance has received instrumental and unparalleled support from the Egyptian Government in the incorporation of Amlak Egypt. By deciding to become a key element of the EMRC, Amlak Finance is clearly demonstrating its dedication to this growing sector and market. Amlak Finance is committed to Egypt and aims to enhance its market by providing best-in-class practices, services and products to the country,"

commented Nasser Al-Shaikh, Chairman of Amlak Finance.

Also present at the meeting were HE Dr. Mahmoud Mohieldin, Egyptian Minister of Investment; HE Osama Saleh, Chairman of the Egyptian Mortgage Authority; Mr. Sharif Oteifa the Minister's Advisor on Mortgage Affairs; Mr. Arif Alharmi, CEO of Amlak Finance PJSC; and Mr. Ahmed Haggag, CEO of Amlak Finance & Real Estate Investments (Amlak Egypt). The team discussed the growth of the home finance sector, with a particular view on the role of Islamic home finance products, and the increasing levels of competition between banks and other home finance companies.

Capitalizing on its market leadership in the UAE, Amlak Finance is adopting a similar model to develop Egypt's market. Amlak Egypt has signed up numerous developers and is determined to become the leading player in the Egyptian mortgage industry.

"Developing strong relationships with Egypt's property developers will create greater options for Amlak Egypt's customers," concluded Nasser Al-Shaikh, Chairman Amlak Finance.

Amlak Egypt inaugurated its mortgage products in conjunction with Emaar Misr at the launch of its Uptown Cairo development last July.