Mr. Akram, an industry expert with over 16 years of experience in leading financial institutions, has been appointed by AMLAK to lead the next stage of growth. Prior to joining AMLAK, Shahli Akram worked as Vice president, Dubai area Manager for MashreqBank. He has also held senior positions at Citibank, Dubai Islamic Bank and Standard Chartered Bank in UAE.
As AMLAK's Deputy CEO, Shahli will serve to strengthen the links between AMLAK and the financial services industry.
Welcoming Shahli on board, Mohammed Al Hashimi, CEO of AMLAK, noted that AMLAK is at the crossroads of an important phase in its growth cycle and Shahli comes with the regional expertise required to drive this growth forward.
"This appointment is also particularly fitting in view of the recent directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, UAE Defence Minister that the private sector take an active role in Emiratisation and appoint UAE nationals to positions of responsibility," he added.
Commenting on his role, Shahli said: "It is a great honour for me to take up this position, especially with what I see of AMLAK's ambitious plans for growth and expansion. AMLAK has always been an exemplary model of a company that is consistently responsible for the development of the community and the national human resources."
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 1.5 billion following its rights issue announcement.
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AMLAK appoints Shahli Akram Deputy CEO
- United Arab Emirates: Saturday, December 17 - 2005 at 10:19
- PRESS RELEASE
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AMLAK Finance, the pioneer in Islamic home finance in the region announced the appointment of Shahli Akram as the Deputy Chief Executive Officer.
Shahli Akram, Deputy Chief Executive Officer Amlak
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Lara Lynn Golden, News EditorSaturday, December 17 - 2005 at 10:19 UAE local time (GMT+4)
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Established in October 2000, AMLAK Finance PJSC, now the largest publicly held Islamic finance company in the country, is a pioneer in mortgage finance. Its growth strategy combined an Initial Public Offering in January 2004 that was oversubscribed 33 times, increasing its capital to AED750 million and accompanying its conversion into an Islamic financial institution that offers Shari'a compliant products. In 2003, AMLAK saw a profit increase of 300 per cent to reach AED14 million compared to AED3.5 million in 2002. For 2004, net profits increased 314% to AED58 million. The company also witnessed a record 199% increase in revenue in 2004 to reach AED84.356 million from AED28.186 million the previous year. Its net profits (before depositors share) increased 340% to AED 132 million for the nine months which ended September 30, 2005, against AED 30 million for the same period last year. AMLAK is currently traded on the Dubai Financial Market with EMAAR properties holding majority ownership and a 45 per cent stake in the company.
For further information, please contact:
Tim Harrison
ASDA'A Public Relations
Exclusive Affiliate of Edelman, Middle East & North Africa
Dubai, UAE
Tel: 971-4-3355969,
Fax: 971-4-3356080
For further information, please contact:
Tim Harrison
ASDA'A Public Relations
Exclusive Affiliate of Edelman, Middle East & North Africa
Dubai, UAE
Tel: 971-4-3355969,
Fax: 971-4-3356080
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