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Amlak, Tamweel to form Islamic realty bank

  • United Arab Emirates: Saturday, October 10 - 2009 at 15:04

The merger between UAE mortgage lenders Amlak Finance and Tamweel may result into an Islamic realty bank, Bloomberg has reported. According to Ministry of Economy Sultan Bin Saeed Al Mansouri, a third of the new bank may be owned by Amlak and Tamweel's investors, while the federal government and Dubai's government may share the remaining stake equally. The proposal may be passed before the end of this year, said Al Mansouri.

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