Amlak Finance (Jordan) PLC officially established

Further important decisions were made during the meeting that would reflect on the company's future in Jordan, including the increase in the company's capital by 8 million shares - from 55 million shares to 63 million shares-, of which 5 million shares will be allotted to Amlak Jordan Limited, a wholly owned subsidiary of Amlak Finance PJSC, UAE and the remaining 3 million shares will be allotted to International Finance Corporate (IFC) of World Bank.

Mr. Mufleh Aqel, Chairman of Jordan's Social Security Investment Unit and Chairman of Amlak Finance (Jordan) said, 'Amlak's entry into the Jordanian market will help position us as a pioneer in providing home finance solutions to all Jordanian developers and individuals looking to own their dream home, as stipulated in His Majesty King Abdullah's vision for the provision of homes for everyone in the Kingdom.'

He added, 'The primary activity of the company is offering medium to long-term financing solutions for residential and commercial properties. 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 by offering Islamic financing solutions, real estate management, and the management of sales and selling on behalf of developers. We also offer comprehensive solutions for major real estate developers in the region.'

H.E. Nasser Bin Hassan Al-Shaikh Chairman of Amlak Finance UAE and Vice-Chairman of Amlak Finance (Jordan) said, 'It is a pleasure to work hand in hand in Jordan with corporations such as the Social Security Corporation, Jordan Dubai Capital, the Arab Banking Corporation and the Global Investment House among others. We are confident and hopeful that Amlak Finance (Jordan) will play a major role in the further development of the Jordanian real estate financial sector. We are looking forward to join forces and efforts with other parties to achieve the 'Securitization Law' which is important for the growth of the real estate finance sector and will contribute to the success of this project.'

Other decisions were also made at the meeting including the increase of Board Members number from 9 to 10 members in addition to amending some articles in the company's establishment contract and its bylaws.

It is worth mentioning that the first general assembly meeting saw the election of the new Board of Directors under the chairmanship of Mr. Mufleh Akel and vice-chairmanship of H.E. Nasser Bin Hassan Al-Shaikh, Chairman of Amlak Finance PJSC.