The assembly also passed an amendment of the Articles of Association in compliance with corporate governance, thus positioning Amlak as one of the first companies to incorporate these standards in its operations.
H.E. Nasser Bin Hassan Al-Shaikh, Chairman of Amlak Finance, emphasized that the mandate granted to the Board reconfirms the strong relations that binds it with its shareholders and the unfettered trust that is given to the company's development and modernization efforts, which were initiated since 2007.
Al-Shaikh added, "The current year will mark major progress vis-à-vis regional expansion plans and the introduction of more innovative and customer-centric products and services with the aim of making financial services easy."
He also noted, "The issuance of Sukuk will ultimately aid in the comprehensive strategy of development and modernization that was put-forth by Amlak's top management in order to strengthen the value of the share, thus leading to more benefits to our shareholders."
The assembly of the Annual General Meeting (AGM) approved on March 16 the distribution of 10% cash dividend of the company's share capital to shareholders, amounting to Dhs150m, and agreed on the company's financial results for the year ending December 31, 2007.
Browse
related articles
Amlak's EGM mandates Board with issuance of Sukuk up to Dhs4.8bn
- United Arab Emirates: Monday, March 24 - 2008 at 07:19
- PRESS RELEASE
The Extraordinary General Meeting (EGM) of Amlak Finance PJSC, the largest publicly listed finance company and pioneer in home finance in the United Arab Emirates (UAE), mandated the Board of Directors with the issuance of convertible Sukuk, up to Dhs1.8bn, in addition to non-convertible Sukuk up to at Dhs3bn, for a total value of Dhs4.8bn.
Related stories
Also consider reading:
Digg
Facebook
LinkedIn
Twitter
Browse
related articles
Today's most read articles:
Log in to request more information from Amlak Finance
Notes and media contacts
For Further information, kindly contact:Lina Anani, Vice President Corporate Communications
Amlak Finance
telephone: +971506326564
Samer Renno, Managing Director
Renno Communications Group / Public Relations
telephone: +971509561516
About Amlak Finance PJSC:
Established in 2000, Amlak Finance PJSC has transformed into a public entity in 2004 and is currently the largest publicly held Islamic finance company in the UAE. Amlak Finance is the first specialised home finance provider in the UAE and continues to be a leader in the industry by retaining the biggest market share according to released financial reports in 2007. In addition, Amlak is considered the largest finance among the publicly traded companies in the UAE.
The primary activity of the company is offering medium to long-term financing solutions for residential and commercial properties in a number of emirates in the UAE. Whilst real estate finance remains Amlak's core business, the home finance provider is constantly developing innovative products to meet customers' demands and market conditions through offering Islamic financing solutions, real estate management, and the management of sales and selling on behalf of developers as well as offers complete solutions for major real estate developers.
Posted by Anne-Birte Stensgaard, Senior News EditorMonday, March 24 - 2008 at 07:19 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
Disclaimer:
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions
It looks like you are using a Mac - check out our 
Web Feeds