Amlak Finance (Jordan) gets thumbs up from Securities Commission for capital increase to JD63m

On his part, Arif Alharmi, Chief Executive Officer of Amlak Finance UAE and Board Member of Amlak Finance (Jordan), said:

"Jordan is a key market for Amlak Finance's ambitious expansion plans across the region, and we will be launching our operations as per schedule by the end of 2008."

Amlak Finance (Jordan) also announced the appointment of Mr. Ziad Fatayer in the position of Chief Executive Officer (CEO). Fatayer, has a solid background in retail banking, marketing, planning and budgeting, he demonstrated a record of developing retail banking strategy and implementing solutions to multidimensional complex operational problems. Fatayer who previously worked at one of the leading banks in Jordan, has commenced work in the first week of September bringing more than 20 years of retail banking experience in international banks across the Middle East to further leverage Amlak's operations in the Kingdom.

Amlak Finance (Jordan) Board of Directors was pleased with the decision of the Securities Commission in approving the increase in the paid-up capital, which is vital for Amlak's strategic expansion plan for the Kingdom.

Alharmi added, "Our office, located in Shmeisani, the heart of Amman's business district, will be offering Shariah compliant products especially designed to suit the Jordanian market, in addition to the existing wide array of home financing solutions that are already being offered across our regional markets."

With the appointment of ten board members, Amlak Finance (Jordan) will be the first public company in Jordan that is specialized in home finance, offering Shariah compliant products and services.