Amlak finance company has addressed the UAE central Bank for approval to allow it transform into an Islamic bank, Board Chairman Mohammed Al-Abbar said on Saturday. Al-Abbar, according to Kuna, said that the company would be able to transform into an Islamic bank in six months.
In recent years, the mortgage finance company owned by Emaar Properties has issued 200 million dollars worth of "property sokooks," in addition to the 75 million dlrs real-estate fund.
