Troubled Islamic mortgage lender in negotiations for potential resolution in the first quarter of 2011
Mohammed al-Shaibani, deputy chairman of Dubai’s Supreme Fiscal Committee, has said a resolution for troubled Islamic mortgage lender Amlak Finance could be found during the first quarter of 2011, Reuters has reported. “We are in intense negotiations with all creditors and shareholders of Amlak. I would like to see a solution for Amlak by the first quarter 2011,” Al-Shaibani said. The government said in November 2008 it aimed to merge Amlak with rival lender Tamweel, but the plan was scrapped after Dubai Islamic Bank raised its stake in Tamweel in September.
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