Amlak Finance launches as the first Islamic home-finance provider in the UAE.
Amlak's initial public offering is 33 times oversubscribed, earning Dh13.7 billion (US$3.73bn) in 10 days. The stock is listed on the Dubai Financial Market.
Amlak eyes Middle Eastern expansion and wins approval to start operations in Saudi Arabia and Egypt as it seeks new sources of revenue. Amlak Finance considers an Islamic bond sale after the UAE Central Bank rejects its application for a banking licence.
Amlak reports a record quarterly profit. Net income in the fourth quarter for 2007 surges 758 per cent from the previous year to Dh128.4 million.
Amlak establishes a joint venture with Dubai International Capital, Kuwait's Global Investment House and Jordan Kuwait Bank to create a home-finance unit in Jordan. The initial public offering gets bids worth $205m and the shares are listed on the Amman Stock Exchange.
November 19, 2008
Amlak suspends home-loan lending after the global financial crisis begins. Nasser bin Hassan Al Shaikh, the chairman, says "business plans are not sustainable and have to be changed".
November 23, 2008
The country's Ministry of Finance announces merger plans for Amlak and Tamweel, the country's second Islamic mortgage provider. Pending merger details, trading in Amlak's shares is suspended on the Dubai Financial Market with the stock at Dh1.02.
May 12, 2009
Amlak posts a Dh204m loss in the fourth quarter, compared with a profit of Dh126m the previous year, amid a sharp fall in income from property investment, a significant increase in funding costs and higher general provisions on the mortgage portfolio.
September 26, 2010
Dubai Islamic Bank raises its stake in Tamweel Finance to 57 per cent, effectively scuppering the plan to merge Tamweel with Amlak.
May 10, 2011
Tamweel resumes trading on the Dubai Financial Market.
November 14, 2011
Amlak says a government committee studying an overhaul of Amlak "continues to explore the possibilities of a balance-sheet restructuring".