Business | Banking

Amlak seeks licence to operate in Bahrain

Home loan provider Amlak Finance said on Thursday it has applied for a licence from Bahrain's central bank to operate in the kingdom as part its regional expansion.

  • Staff Report
  • Published: 01:22 February 22, 2008
  • Gulf News

Dubai: Home loan provider Amlak Finance said on Thursday it has applied for a licence from Bahrain's central bank to operate in the kingdom as part its regional expansion.

"The countdown to the launch of Amlak Finance [Bahrain] has begun," a statement said.

Nasser Al Shaikh, chairman of Amlak Finance, recently visited Bahrain and held talks with officials of Bahrain's central bank.

"Bahrain is a renowned financial hub in the region and with the growth in its real estate sector, the time is ripe today for Amlak to proceed with adding another building block in its strategic expansion plans," Al Shaikh said.

"Amlak Finance is pleased with the progress of its expansion plans in the region, which will effectively position the company not only as the uncontested leader in home financing in the UAE, but also in the region as well," he added.

Amlak expects its Bah-rain operations to start this year.

"We plan to officially launch in Jordan and Qatar in 2008," Al Shaikh said.

The company last year launched its operations in Egypt and Saudi Arabia.

Citing market reports, Amlak Finance said Bah-rain's home finance sector is estimated at $700-$800 million, with anticipated growth at around 50 per cent.

The company said the property market's growth is set to meet rising demand from Bahraini and GCC nationals and expatriates over the next three to four years. Amlak will also develop special packages targeting niche segments.

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