Amlak launches arm in Jordan

Dubai: Real estate finance company Amlak Finance PJSC on Monday announced the launch of Amlak (Jordan PLC) - previously Inwan Investment PLC.

The new company was officially established during the recently held Extraordinary General Meeting (EGM) in Amman.

The EGM decided to increase the company's capital by 8 million shares -from 55 million shares to 63 million shares-, of which 5 million shares will be allotted to Amlak Jordan Limited, a wholly owned subsidiary of Amlak Finance PJSC, UAE and the remaining 3 million shares will be allotted to International Finance Corporate (IFC) of World Bank.

Activities

"The primary activity of the company is offering medium to long-term financing solutions for residential and commercial properties. While real estate finance remains Amlak's core business, the home finance provider is constantly developing innovative products to meet customers' demands and market conditions by offering Islamic financing solutions, real estate management, and the management of sales and selling on behalf of developers," said Mufleh Aqel, Chairman of Jordan's Social Security Investment Unit and Chairman of Amlak Finance (Jordan).

"We also offer comprehensive solutions for major real estate developers in the region," he added.

The first general assembly meeting of the company elected the new board of directors under the chairmanship of Aqel.