Amman, Jordan, June 2008 – Inwan Investment PLC (Amlak Finance – Jordan), the first public shareholding company specialized in mortgage financing services for the development and housing sectors in compliance with Shariah laws in Jordan, announced the conclusion of the Initial Public Offering of its shares with an astounding success exceeding all expectations. The 13,750,000 shares Inwan had offered for subscription was covered 10.5898 times. The amount of subscriptions reached JD 145,610,306 and the number of subscribers was 7,399 with a share allocation rate of 9.443%.

Amlak had offered 13.75 million shares representing 25% of its 55 million shares capital for subscription with at par value of JD1/share. Subscription started on Monday, 19 May and was concluded on Sunday, 1 June 2008. Through its role as lead manager and financial advisor, Jordan Investment Trust P.L.C. (Jordinvest), one of the leading providers of comprehensive financial and investment services locally and regionally, contributed to the success of the IPO.

Commenting on these successful results His Excellency Samir Z. Al-Rifai, Jordan Dubai Captial CEO, said, “This success is a milestone in our track record and comes in line with our aspirations as one of the company’s founders. We aspire to play a leading role in developing the Shariah-compliant investments and financing sector in Jordan, given the worldwide success this sector is witnessing. The great public interest we have seen in the subscription has urged us to harness all our expertise to realize the vision of HM King Abdullah II to support housing projects that cater to the needs of Jordanian citizens from all social strata in order to be an active part of our national socioeconomic development process.”

His Excellency the Chairman of the Company’s Founders’ Committee, Mr. Mufleh Akel, said, “The result of the subscription is a strong indicator of the market’s positive reception of this company, the first of its kind in the country. We are happy to have on board with us, in Amlak Finance- Jordan, Jordan Dubai Capital, Jordan Kuwait Bank, ABC Bank, Amlak Finance- UAE and a number of other founders.” He added, “We anticipate that the company, with its material and human resources, will play an important role in mortgage financing in Jordan. We are hopeful that all efforts will be exerted to issue the securitization law, which is essential for mortgage financing and instrumental for achieving the outcomes aspired from this project.”

“As we are delighted with the successful completion of Inwan (Amlak Jordan) IPO, we are equally confident that our customers in Jordan will soon experience the pioneering and innovative home financing solutions that we will offer in the local market,” said Mr. Arif Alharmi, Chief Executive Officer, Amlak Finance PJSC. “Jordan is a crucial market on Amlak’s regional expansion map; and with the soon-to-be-launched operation, we are confident in our abilities in delivering the best home financing solutions in this key emerging market.”

Mr. Tawfiq Dajani, Inwan Investment PLC (Amlak Finance – Jordan) CEO, expressed his pride with this result, which has exceeded all expectations and noted that it was only natural for the company to achieve those astounding results given its solid base of founders, wise management, and strong strategy, in addition to its determination to leave a positive mark on the Shariah-compliant mortgage financing sector in Jordan by providing products that ensure both clients’ satisfaction and shareholders’ trust. Dajani commended the major role played by Jordinvest in supporting and ensuring the success of this step through the highly-professional and efficient financial advisory services it provided.

In a partnership that includes leading names in investment and development, namely, the Investment Unit of the Social Security Corporation, Jordan Dubai Capital, Jordan Kuwait Bank, ABC Bank, Amlak Finance- UAE, Global Investment House, Taameer Jordan and Al Masaken Real Estate Development Company, the company was established in accordance to the core business direction of Amlak Finance, which centers on providing Shariah-compliant financing and real estate investment services and products. Amlak Finance, the largest listed Shariah-compliant real estate financier in the UAE and the Middle East, has embarked on this venture as part of its overall regional expansion plans that are intended to position the company as the main regional provider of real estate financing services for developers of housing projects and those wishing to invest in them.