Amlak Finance P.J.S.C

On 22 May 2024, Amlak Finance P.J.S.C held a meeting from 3:00PM to 5:00PM. All seven board members were present, achieving a 100% quorum. The board discussed normal business-related matters. The meeting was signed off by Lama Takieddin, the Head of Corporate Governance and Company Secretary.

Amlak Finance PJSC has scheduled a meeting for Wednesday, 22 May 2024, starting at 3:00 PM. The agenda for the meeting includes normal business activities and updates. The authorized signatory for the company is Lama Takieddin, who holds the position of Head of Corporate Governance & Company Secretary.

Amlak Finance reported an 89% increase in its net group profit after income tax for Q1 2024, compared to the same period in 2023. The company's total assets stand at AED 3.14 billion. Amlak is currently in advanced negotiations to exit its current Common Term Agreement. The company's revenue from financing and investing business increased by 14% to AED 33 million during Q1 2024, but total revenue decreased by 9% to AED 68 million. Amlak's operating costs were down by 23% to AED 23 million. The company also repaid AED 23 million to financiers during Q1 2024, and has settled 84% of its Islamic deposit liabilities since 2014. However, Amlak's financial position was impacted by the devaluation of the Egyptian Pound against AED.

The text is a review report and condensed consolidated interim financial information for Amlak Finance PJSC and its subsidiaries. The report covers the three-month period ending on 31 March 2024 and is unaudited.

The letter is addressed to Mr. Hamed Ahmed Ali, the Chief Executive Officer of the Dubai Financial Market, from Lama Takieddin, the Head of Corporate Governance and Company Secretary of Amlak Finance PJSC. The letter dated May 8, 2024, informs that the Board of Directors of Amlak Finance PJSC has approved the company's financial statements for the period ending March 31, 2024. The Securities & Commodities Authority is also copied in this correspondence.

On May 3, 2024, a letter was sent to Mr. Hamed Ahmed Ali, the CEO of Dubai Financial Market, by Lama Takieddin, the Head of Corporate Governance and Company Secretary of Amlak Finance PJSC. The letter informs that the Board of Directors of Amlak Finance PJSC will consider a resolution by circulation on Wednesday, May 8, 2024, at 3 pm, regarding the adoption of the company's financial statements for the period ending on March 31, 2024. A copy of the letter was also sent to the Securities & Commodities Authority.

On April 25, 2024, Amlak Finance P.J.S.C held a meeting from 3:00PM to 3:30PM. All seven board members were present, achieving 100% quorum. The board decided to appoint Mr. Jamal Hamed Almarri as the Chairman of the Board of Directors and Mr. Shaker Fareed Zainal as Vice Chairman. The board also formed its committees. The authorized signatory of these decisions was Lama Takieddin, the Head of Corporate Governance and Company Secretary.

On 23rd April 2024, Amlak Finance PJSC announced a meeting to be held on Thursday, 25th April 2024, starting at 3:00 PM. The agenda of the meeting includes appointing a Chairman and Vice Chairman of the Board of Directors and forming Board Committees. The notice was signed by Lama Takieddin, the Head of Corporate Governance & Company Secretary.

On April 23, 2024, the Annual General Assembly Meeting of Amlak Finance PJSC took place. The shareholders approved several resolutions, including the Board of Directors’ Report on the company's activities and financial position for 2023, the Auditors’ Report for 2023, and the Internal Sharia Supervisory Committee Report for 2023. The Balance Sheet and Profit and Loss Account for 2023 were also approved, as well as the remuneration for the Board of Directors for the fiscal year ended 31/12/2023. The Board of Directors' recommendation not to distribute dividends to shareholders was endorsed. Lastly, the appointment of the Internal Sharia Supervisory Committee for the term 2024-2027, which includes Dr. Mohammad Abdul Rahim Sultan Al Olama, Dr Azzeddine Ben Zeghiba, and Sheikh Moosa Tariq Khoory, was approved.

The letter is addressed to Mr. Hamed Ahmed Ali, the CEO of Dubai Financial Market, by Lama Takieddin, the Head of Corporate Governance and Company Secretary. The subject matter is the list of candidates for the Board of Directors of Amlak Finance PJSC for the term 2024-2027. The candidates are: Mr. Khalid Salim Alhalyan, Mr. Mustafa Ismail Karam, Mr. Ayad Hammad Alharazeen, Mr. Jamal Hamed Almarri, Mrs. Fatima Ahmed Qasimi, Mr. Shaker Fareed Zainal, and Mr. Rashed Mohammad Ali Abdulrahman. The letter also includes a courtesy copy to the Securities & Commodities Authority.