Mohammed Ali Al Hashimi

But many customers and observers alike were surprised by a sudden announcement before the IPO that Amlak Finance was to become an Islamic financial institution. Was that just about attracting Islamic funds for the IPO?

'Yes we were looking for investors,' says CEO designate Mohammed Ali Al Hashimi. 'But with our enormous plans for expansion it is also important to tap into huge pools of Islamic finance in the future, and for that you also have to be Islamic.'

Amlak Finance has around 1,800 customers at present with an average loan size of $218,000. Last year $150 million worth of mortgages was were disbursed which will double this year as many more new freehold properties are handed over to their owners in Dubai.

'We have a head start in the mortgage market and started just over three years ago,' says Mr. Al Hashimi. 'But there are now four more players, and we think this is very positive for the development of the market. There is only so much we can do alone.

'I am a firm believer in the value of good customer service. In a market where the rates are more or less the same, you will choose the one with the best service. That is how we are positioning Amlak.'

For a man whose recent IPO raised $3.75 billion - 33 times more than the value of the shares on offer - Mr. Al Hashimi could afford to rest on his laurels, but he shows no sign of doing so. Indeed, he is convinced that the real Dubai real estate boom has not even started yet.

'In this market a lot of people leave their home finance until the developer asks them for final payment,' he explains. 'Therefore, we expect a lot of business over the next few months with so many homes coming up towards handover.'

But what happens about the actual property title? Without a federal law in place how is Amlak handling this issue?

'We hold the original sale agreement as security, and have a side agreement with Emaar. Then we will register the title deed and mortgage with the Dubai Lands Department as soon as this system is in place.

'The Dubai Lands Department has the most up-to-date technology, and this process will be absolutely as painless as possible for the customer. Indeed, it will hardly involve them directly. We are laying the foundations of property ownership in Dubai, and everything will be properly taken care of.'

Mr. Al Hashimi says there is now more confidence in the Dubai property market than ever before, and that he does notice that many of those people who were once nervous of committing themselves are now buying property.

But for the moment Amlak will not finance any premiums paid above the original asking price, now normal in Dubai is if you actually want to buy an existing property.

'This market is still developing and we will see how the market changes,' he says. 'The market will decide on this one'.

Likewise on interest rates, his views are market driven. 'International capital markets may drive rates up, and local competition may bring them down, we will have to see,' he explains. Could that mean no change? 'Perhaps.'