Amman, November 2007 - Jordan Dubai Capital (JD Capital) and Social Security Investment Unit (SSIU) announced their partnership with Amlak Finance PJSC, the largest publicly listed Islamic finance company and pioneer in offering Islamic solutions and home finance in the United Arab Emirates (UAE), in addition to their partnership with the ABC Bank, Taameer Jordan, Jordan Kuwait Bank, and Global Investment House.

By virtue of this partnership, Amlak Finance's leading edge products and solutions will be available in the Kingdom of Jordan through Amlak Finance (Jordan). Amlak aims to become a pioneer in providing Shariah-compliant home finance solutions to all Jordanian housing developers and home owners in addition to providing shelter to the middle and low income segments.

The SSIU and JD Capital have formerly signed an agreement to establish "Amlak", previously named "Inwan", during the World Economic Forum that was held in the Dead Sea during May 2007 in the presence of His Majesty King Abdullah II, with a start-up capital of JD 55 million, aiming to be Jordan's first specialized mortgage finance company.

His Excellency Mufleh Akel, Chairman of SSIU, pointed out the financial and social importance of this project, which will enhance the financial corporations' activities and revive the market including the social aspects, as it will offer solutions that will facilitate owning houses for citizens of all income levels in the Kingdom.

Commenting on this project, Mr. Akel added: "We are delighted to be granted partnership in this project, which brings together a number of important companies such as Jordan Dubai Capital, ABC Bank, Jordan Kuwait Bank, Tameer Jordan, Global, in addition to "Amlak" who has relevant distinguished expertise, and we would like to thank His Excellency Samir Al-Rifai for his efforts and role in associating “Amlak” with this group of experts."

He added: "This project comes in line with the vision bestowed by His Majesty King Abdullah II for securing homes for all Jordanians in the Kingdom, after an extensive local and global market study which lead to the creation of a five-year plan that will enhance the mortgage finance market and provide financial support to developers and future house owners".

H.E. Samir Al-Rifai, CEO of Jordan Dubai Capital, commented: “Our partnership with one of the largest mortgage finance companies in the UAE follows His Majesty's vision in providing decent housing opportunities to all Jordanians in the Kingdom. With the expertise carried by Amlak Finance (Jordan), our commitment at JD Capital will be seeking ways to break new grounds in providing services that benefit the local communities”.

Being one of the key shareholders in this project, H.E. Nasser Al-Shaikh, Amlak Finance's Chairman, said: “It is a pleasure to work hand-in-hand with corporations such as Jordan Dubai Capital and the Social Security Investment Unit. We also take pride in the vital role Amlak Finance (Jordan) will assume in managing such a project, relying utterly on our experts in providing Shariah-compliant finance services”.

He also added: “We are pleased with the progress of our expansion plans in the region, which will effectively position the company not only as the uncontested leader in Islamic home finance in the United Arab Emirates, but also in the region as well”.

Amlak Finance, JD Capital and SSIU will soon be announcing further information about the new venture at an event to be organized in Jordan.

Amlak Finance was established in 2000 as a private shareholding company, and transformed into a publicly listed company in 2004 when it was listed on the Dubai Financial Market (DFM), with its estimated shareholders as of May 2007 reaching 35,755.

Amlak Finance is the first specialised home finance provider in the UAE and continues to be a leader in the industry by retaining the biggest market share according to released financial reports in 2007. In addition, Amlak is considered the largest finance company among the publicly traded companies in the UAE.

The primary activity of the company is offering medium to long-term financing solutions for residential and commercial properties in a number of emirates in the UAE. Whilst real estate finance remains Amlak’s core business, the home finance provider is constantly developing innovative products to meet customers’ demands and market conditions through offering Islamic financing solutions, real estate management, and the management of sales and selling on behalf of developers as well as offers complete solutions for major real estate developers.

Amlak aims to recreate the success in developing markets in the Middle East and North Africa (MENA) region and closely monitors prospective emerging markets for further expansion through major alliances, such as the one forged with the International Finance Corporation (IFC).

On a regional level, Amlak Finance & Real Estate Investment was established in Egypt as the first Islamic mortgage finance company, and in Saudi Arabia, Amlak has started operating as it owns a big share of Amlak International for Real Estate Development.