Global crisis cuts deep into Amlak’s profit

Amlak Finance, the home finance provider based in Dubai, recorded a net loss of Dh204 million (US$55.5m) in the final quarter of last year, compared with a profit of Dh128.4m for the last quarter of 2007.

The Islamic lender, which was taken under government stewardship late last year, suffered a sharp fall in revenue from property investments and a rise in the cost of borrowing caused by the global financial crisis, it said in a statement.

Nasser al Shaikh, Amlak’s chairman, said: “The last quarter of the year has been a very challenging period for the entire industry due to the global financial crisis.”