Published: Jul 03, 2014
Source: Emirates 24|7

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Amlak proposes new restructuring deal for Dh10bn debt

Mortgage lender proposes to make an initial down payment of 20% and remaining debt over 12 years

Dubai mortgage lender Amlak has made a new proposal to creditors to restructure and extend repayments of about $2.7 billion (Dh10 billion) of debt.

The Shariah-compliant mortgage lender, in which Dubai's biggest developer Emaar Properties owns a 45 percent stake, proposed in June to make an initial down-payment of 20 per cent, or about Dh2 billion ($545 million), a company spokesman said in a statement -  By Reuters. Read more>>>

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