FINANCIAL NEWS

Amlak Q1 loss USD14.67m

13 May 2011

(MENAFN) Amlak, the Dubai’s Islamic mortgage said that due to higher provisions and a severe decline in revenues, the company’s first quarter net loss reached USD14.67 million compared with a USD843,914 for the same quarter last year, reported Arab News.

The company added that as a result of new business over the past two years, revenue from financing and investing operations slipped by seventeen percent, adding that in the quarter, it took impairments on Islamic financing and investment assets of USD15.9 million.

It also said that due to overall impact of reducing mortgage portfolio, the company’s total assets fell to USD3.5 billion in the first quarter, from USD3.7 billion in 2010.

It is worth noting that in November 2008, the UAE government stopped the trading of Amlak along with Tamweel amid a liquidity crunch and announced intentions to merge the two Islamic lenders.

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