Amlak revises UAE property finance arrangements

09/06/2009 - Dubai Property News
Amlak revises UAE property finance arrangements
Shariah-compliant UAE property financier Amlak has announced that it is switching to a construction-linked payment plan to protect its customers' interests.

Speaking to Emirates Business, group chief executive Arif Alharmi confirmed that Amlak has been negotiating with UAE property developers for some months and will now be moving away from a payment plan linked to sales and purchase agreements.

"The move will help safeguard customer interests and reduce their financial burden. Our overall liability will not reduce by switching over to [a] construction-linked payment plan, it might just get delayed," he said.

He added that the changes will be carried out in accordance with amended payment plan standards implemented by the Real Estate Regulatory Authority.

Mr Alharmi said that the regulator was also starting to favour construction-linked payment agreements.

Last month, Amlak announced that it achieved net profits of AED241 million in 2008, consolidating its position as the UAE's largest property financier by assets.ADNFCR-2019-ID-19210795-ADNFCR