AMLAK announces appointment of Mohammed Ali Alabbar as Chairman

The appointment of Mohammed Al Shaibani as Vice Chairman was also approved.

Commenting on his role Alabbar said: 'It is a great honour for me to take up this position with what I expect to become one of the most dynamic companies in this sector. This is a very exciting time for us and now that we have finalized both the IPO and the conversion to an Islamic finance institution, we expect to see an accelerated expansion of our business.'

Following from the Board's Meeting, members of the Executive Committee were also approved as follows: Hussein Al Meeza (Chairman), Saleh Saeed Lootah (Member), Mohammed Sulaiman Al Omar (Member), Farooq Arjomand (Member) and Mohammed Ali Al Hashimi (Member). Similarly, Mohammad Al Shaibani was approved as the Chairman of the Audit Committee while Nasser Al Shaikh and Ali Ibrahim were approved as members.

During the course of the meeting, the Board of Directors thanked the shareholders for all of their support and all the relevant institutions involved in the recent Initial Public Offering and Islamic conversion. The Board noted that the process of conversion and the IPO were completed within the allocated budgets.

AMLAK Finance is a pioneer in Islamic real estate and consumer finance and is now the largest public Islamic finance company in the region, having grown its capital base to AED 750 million following its historic IPO, which was 33 times oversubscribed.