Dubai's troubled Islamic mortgage lender Amlak reported a loss in 2010, as property-related income dropped and the lender booked impairments on its Islamic financing and investment assets. Amlak made a net loss of Dh219 million ($59.64 million) for the year, it said in a statement to the Dubai bourse, compared with a loss of Dh177.37m in 2009.
Earnings fell as the mortgage lender booked an impairment charge of Dh221.8m on its Islamic financing and investment assets. Income from the segment also fell to Dh616m in comparison with Dh760.58m earned in the year-before period. Loss of advances for investment properties grew to Dh81.98m from Dh68.2m in 2009. The United Arab Emirates government said in November 2008 it intended to merge Amlak with rival Islamic mortgage lender Tamweel. Shares in the two have not traded since. Emaar Properties said earlier this month that it received Dh214.4m from Amlak as part repayment of its loan.
Nice to hear about Islamic bank in Mauritius. The bank will based on Islamic Shriah, where official language is English and TV programmes are in French.
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