Islamic lender Amlak says eyeing partnership with Dubai's Emaar

Dubai-based Islamic mortgage lender Amlak Finance has said it is in talks with Emaar Properties to launch a partnership to develop land in “distinctive locations”. Amlak's shares soared 15 percent, the maximum allowed in a day on the Dubai Financial Market, after the company announced the plans. Amlak chief commercial officer Adnan Al Awadhi told Al Khaleej newspaper that it is also in talks with the emirate’s Land Department to revive stalled projects. Last month, Amlak recorded a 77 percent plunge in first-quarter profit because of amortisation charges. Amlak reported that net profit fell to AED3.7 million ($1.01 million) from AED16 million in the same period last year.