Wknd. KTBuzzon Inspired Living Indulge City Times KT Mobile KT ePaper KT Competitions Subscribe KT
Khaleej Times
Khaleej Times Google Plus Page Khaleej Times Facebook Page Khaleej Times Twitter Page Khaleej Times RSS Feeds
   
  UAE Sports
  Cricket
  Football
  Horse Racing
  Tennis
  Sports Talk
   
   
  wknd.
  Indulge
  Inspired Living
   
   
  Classifieds
  Properties
  Used Cars
   
Home > Business
 
Print this story
Amlak Finance to Pay $33 Million Coupon on January 18 for 2010 Sukuk

Abdul Basit / 8 January 2010

DUBAI - Dubai-based mortgage lender Amlak Finance will make its semi-annual coupon payment for its 2010 Sukuk on January 18.

The statement, posted on the Dubai Financial Market web site from the fiscal and paying agent HSBC, did not give the total value of the coupon to be paid.

“Semi-annual coupon payment on Amlak Sukuk 2010 ... will be made on January 18, 2010. Holders of the bond whose names appear in Dubai Financial Market ... register on the close of trading on January 10 (settlement January 12, 2010) will be entitled to the coupon payment which will cover the period from July 20, 2009, to January 17, 2010, (inclusive),” the statement said.

According to Zawya’s sukuk monitor, Amlak will have to pay $33 million this month, where the last payment is scheduled on July 18. The five-year $200 million Islamic bond is due on July18, 2010, according to Zawya’s sukuk monitor. Amlak and Tamweel were the UAE’s two biggest mortgage lenders before the seizure of global credit markets blocked their access to new funding. On December 30, Dubai formed a judicial committee to ensure protection to all creditors and companies related to the cash-strapped mortgage companies Amlak Finance and Tamweel, which are currently in the process of a long-awaited merger.

Amlak and Tamweel, both of which comply with Islamic banking rules, were the country’s two biggest mortgage lenders before the seizure of global credit markets blocked their access to new funding.

The three-member judicial committee “will be the only judicial body ... with the right to review all requests and legal claims related to settling the financial issues of the two companies,” the official news agency Wam said last month, quoting a statement from the office of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

abdulbasit@khaleejtimes.com

 
Print this story
Comments
comments powered by Disqus