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Amlak, Tamweel 'to merge' into Islamic bank
- United Arab Emirates: Thursday, October 01 - 2009 at 10:23
Dubai-based Islamic mortgage lenders Amlak and Tamweel could be merged soon into one company and turned into an Islamic bank after increasing their capital, Al Khaleej Arabic newspaper has reported citing unnamed sources. The merged companies' capital will be raised to Dhs5bn ($1.36bn) from the current Dhs2.5bn, of which Dhs1.5bn is presently Amlak's capital and Dhs1bn is Tamweel's, the sources said. Under the scenario, the federal government will guarantee the money of the two companies' creditors, which will be paid back on a long-term basis that could be over 10 years. Amlak and Tamweel's general assemblies will convene in November or December to vote on the proposed scheme, the sources said.
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StaffThursday, October 01 - 2009 at 10:23 UAE local time (GMT+4)
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