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Amlak Finance P.J.S.C

AMLAK

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Amlak Finance P.J.S.C

Logotype for Amlak Finance P.J.S.C
Ticker/ISIN
AMLAK
AEA001201010
Market/Country
Dubai Financial Market
United Arab Emirates

About Amlak Finance P.J.S.C

Country of Origin: United Arab Emirates (U.A.E)

Amlak Finance P.J.S.C (the “Company”) was incorporated in Dubai, United Arab Emirates, on 11 November 2000 as a private shareholding company in accordance with UAE Federal Law No (8) of 1984, as amended, at the constituent shareholders meeting held on 9 March 2004, a resolution was passed to convert the Company to a public joint stock Company.

The Company is licensed by the UAE Central Bank as a finance company as is primarily engaged in financing and investing activities such as Ijara, Murabaha, Mudaraba and Musharaka. The activities of the Company are conducted in accordance with Islamic Sharia’a, which prohibits usury, and within the provisions of its Articles and Memorandum of Association. In 2007, the Company obtained a license from the Real Estate Regulatory Authority, Dubai, United Arab Emirates to start Escrow Management service operations

Latest Pressrelease Summaries from Amlak Finance P.J.S.C

On 7th May 2025, the Board of Directors of Amlak Finance PJSC made a decision by circulation regarding routine internal matters. This resolution was passed at 3 PM. The communication was addressed to Mr. Hamed Ahmed Ali, CEO of the Dubai Financial Market, with a copy sent to the Securities & Commodities Authority. The letter was signed by Lama Takieddin, Head of Corporate Governance and Company Secretary.
The letter is a notification from Lama Takieddin, Head of Corporate Governance and Board Secretary, to Mr. Hamed Ahmed Ali, the CEO of the Dubai Financial Market. It informs him that the Board of Directors of Amlak Finance PJSC is set to make a decision by circulation on Wednesday, May 7, 2025, at 3 PM regarding routine internal matters. The letter is also copied to the Securities & Commodities Authority.
On April 21, 2025, Amlak Finance PJSC held a General Assembly Meeting from 3:00 PM to 4:00 PM at Kempinski the Boulevard, chaired by Mr. Jamal Hamed Almarri. The meeting had a quorum of 60.47% of the total capital. The assembly resolved to approve several reports and financial statements for the year ending December 31, 2024, including the Board of Directors’ Report, Auditors’ Report, Internal Sharia Supervisory Committee Report, Balance Sheet, and Profit and Loss Account. The remuneration for the Board of Directors for the fiscal year was also approved. The assembly endorsed the recommendation not to distribute dividends to shareholders and absolved both the Board of Directors and the Auditors from liability for the year 2024.
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The Board of Directors of Amlak Finance PJSC invites shareholders to the Annual General Meeting on Monday, April 21, 2025, at 3:00 pm. The meeting will be held remotely or in person at Kempinski the Boulevard, Downtown Dubai. The agenda includes reviewing and ratifying reports from the Board of Directors, External Auditors, and Internal Sharia Supervisory Committee for the fiscal year ending December 31, 2024. Shareholders will also discuss and approve the company's balance sheet, profit and loss account, and the remuneration of Directors. The Board recommends not distributing dividends based on specified justifications. The meeting will also address absolving the Board and External Auditors from liability for 2024. Special resolutions include considering voluntary contributions for 2025 not exceeding 0.2% of the 2024 net profit and approving the sale of the company’s investments outside the UAE in compliance with UAE Central Bank regulations.
Amlak Finance announced its financial results for the year ending December 31, 2024. The company reported a net profit of AED 52 million, a decrease from AED 259 million in 2023. Total assets stood at AED 2.6 billion. Revenues from financing and investing activities increased by 10% to AED 135 million, while total revenue decreased by 23% to AED 347 million. Operating costs were reduced by 20% to AED 119 million. Amlak successfully reduced financiers' debt exposure by AED 757 million through debt settlement arrangements, resulting in a net gain of AED 45 million. An agreement was reached with six financiers on a repayment plan for an outstanding balance of AED 971 million. The company settled 91% of its Islamic deposit liabilities. In Egypt, the devaluation of the Egyptian Pound affected the financial position, while investments in Saudi Arabia generated an income of AED 9 million.
Amlak Finance PJSC and its subsidiaries have released their consolidated financial statements for the year ending December 31, 2024.
On March 24, 2025, Amlak Finance PJSC held a General Assembly meeting at Kempinski the Boulevard, chaired by Mr. Jamal Hamed Almarri. The meeting, attended by 59.8% of the capital, took place from 1:00 PM to 1:20 PM. During the meeting, it was resolved to appoint KPMG as the external auditors for the company's 2025 financial statements and approve their fees. Additionally, the assembly approved the sale of some of the company’s investment properties in Dubai at Ras Al Khor, authorizing the Board of Directors or their delegates to manage and finalize the sale, including negotiations and agreement on the sale terms. The authorized signatory for this meeting was Lama Takieddin, Head of Governance and Company Secretary.

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ConsumerPrincess profile image

ConsumerPrincess

Commented on AkSharesKumars Transaction regarding Amlak Finance P.J.S.C

Interesting move picking up Amlak Finance at 0.806 AED. Given their focus on real estate finance, it could be a strategic addition to your Financials-heavy portfolio. Watching closely!
JohnnyDebt profile image

JohnnyDebt

Commented on FinanceBroAEDs Transaction regarding Amlak Finance P.J.S.C

Solid buy at a decent price! Amlak Finance has potential. Keep an eye on the financials and broader market trends. Best of luck, mate, and let’s see those portfolios sail smoother waters! ⚓📈
BondSharesBond profile image

BondSharesBond

Commented on FinanceBroAEDs Transaction regarding Amlak Finance P.J.S.C

Intriguing move acquiring Amlak Finance. Your portfolio's resilience is commendable. Perhaps a strategic pivot to Communication Services could offset my recent -38.79%. Keep your eyes sharp, 007.
ShareUkKhan profile image

ShareUkKhan

Commented on FinDiesels Transaction regarding Amlak Finance P.J.S.C

Interesting move with Amlak Finance, FinDiesel! Diversifying within Financials could be a smart play. Let's see how this bet pays off. Keep the faith and stay strong, my friend!
Dubai Financial Market News profile image

Dubai Financial Market News

News Update From Amlak Finance P.J.S.C

Disclosure: Results of BOD Meeting

On 22 May 2024, Amlak Finance P.J.S.C held a meeting from 3:00PM to 5:00PM. All seven board members were present, achieving a 100% quorum. The board discussed normal business-related matters. The meeting was signed off by Lama Takieddin, the Head of Corporate Governance and Company Secretary.

1. Attached Document

Dubai Financial Market News profile image

Dubai Financial Market News

News Update From Amlak Finance P.J.S.C

Disclosure: BOD meeting

Amlak Finance PJSC has scheduled a meeting for Wednesday, 22 May 2024, starting at 3:00 PM. The agenda for the meeting includes normal business activities and updates. The authorized signatory for the company is Lama Takieddin, who holds the position of Head of Corporate Governance & Company Secretary.

1. Attached Document

Dubai Financial Market News profile image

Dubai Financial Market News

News Update From Amlak Finance P.J.S.C

Disclosure: Press release regarding financial results for the 1st QTR of 2024

Amlak Finance reported an 89% increase in its net group profit after income tax for Q1 2024, compared to the same period in 2023. The company's total assets stand at AED 3.14 billion. Amlak is currently in advanced negotiations to exit its current Common Term Agreement. The company's revenue from financing and investing business increased by 14% to AED 33 million during Q1 2024, but total revenue decreased by 9% to AED 68 million. Amlak's operating costs were down by 23% to AED 23 million. The company also repaid AED 23 million to financiers during Q1 2024, and has settled 84% of its Islamic deposit liabilities since 2014. However, Amlak's financial position was impacted by the devaluation of the Egyptian Pound against AED.

1. Attached Document

Dubai Financial Market News profile image

Dubai Financial Market News

News Update From Amlak Finance P.J.S.C

Disclosure: Financial statements for the 1st QTR of 2024

The text is a review report and condensed consolidated interim financial information for Amlak Finance PJSC and its subsidiaries. The report covers the three-month period ending on 31 March 2024 and is unaudited.

1. Attached Document

Dubai Financial Market News profile image

Dubai Financial Market News

News Update From Amlak Finance P.J.S.C

Disclosure: Results of Board Decisions by Passing

The letter is addressed to Mr. Hamed Ahmed Ali, the Chief Executive Officer of the Dubai Financial Market, from Lama Takieddin, the Head of Corporate Governance and Company Secretary of Amlak Finance PJSC. The letter dated May 8, 2024, informs that the Board of Directors of Amlak Finance PJSC has approved the company's financial statements for the period ending March 31, 2024. The Securities & Commodities Authority is also copied in this correspondence.

1. Attached Document

Dubai Financial Market News profile image

Dubai Financial Market News

News Update From Amlak Finance P.J.S.C

Disclosure: Board Decisions by Passing

On May 3, 2024, a letter was sent to Mr. Hamed Ahmed Ali, the CEO of Dubai Financial Market, by Lama Takieddin, the Head of Corporate Governance and Company Secretary of Amlak Finance PJSC. The letter informs that the Board of Directors of Amlak Finance PJSC will consider a resolution by circulation on Wednesday, May 8, 2024, at 3 pm, regarding the adoption of the company's financial statements for the period ending on March 31, 2024. A copy of the letter was also sent to the Securities & Commodities Authority.

1. Attached Document

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