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Amlak Finance Wins Euromoney's 'Innovation in Islamic Finance' Award
Amlak successfully completed a USD 2.7 billion financial restructuring in November 2014, after extensive and complex negotiations with its financiers involving a range of Islamic Financing and deposit structures including Mudarabas, Murabahas, and bilateral and syndicated Wakalahs. Arif Alharmi, Managing Director and CEO of Amlak Finance PJSC , stated: "We are very pleased to have won this prestigious award which recognizes our commitment and innovation in bringing our balance sheet restructuring to a successful completion. The restructuring has allowed Amlak to maintain a healthy equity position and gearing ratio for the Company to meet all regulatory requirements and create a solid foundation for future growth."
Euromoney Awards recognize the firms and the people which have demonstrated real innovation in the development of Islamic Finance. The awards include over 20 global product categories, best-in-class awards in all regions and best banks in nearly one hundred countries.
In recognising Amlak for the award, Euromoney Editor Clive Horwood highlighted "the significance of a restructuring that maintained exposure to potential gains, an equal sharing of risk, and Shariah compliance throughout a complicated and lengthy process."
Following the completion of financial restructuring process in November 2014, Amlak reported net profit attributable to its equity holders (after non-controlling interest) of AED 59 million in 2014 and AED3.7 million in first quarter of 2015.
After a market absence of six years, Amlak shares restarted trading on the DFM on 2 June 2015.
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