Al Baraka Bank Egypt has acquired full ownership of Amlak Finance Egypt from its UAE-based parent company, Amlak Finance PJSC, as part of its strategy to expand its real estate mortgage finance activities, the bank announced.
A final sale and purchase agreement was signed by Hazem Hegazy, CEO and Vice Chairman of Al Baraka Bank Egypt, and Ahmad Salameh, Chairman of Amlak Finance Egypt, after all required regulatory approvals were obtained.
Amlak Finance – Egypt is an Islamic real estate mortgage finance company that has been operating in the field since its establishment in 2000 in the United Arab Emirates.
“This acquisition represents a significant step forward in Al Baraka Bank Egypt’s growth strategy, enabling us to further expand our presence in the Egyptian mortgage financing market,” Hegazy said in a statement. “It also adds a new entity to the Bank’s non-bank financial institutions (NBFI) portfolio, further enhancing its suite of Sharia-compliant products and services.”
For his part, Ahmad Salameh, CEO of Amlak Finance – Egypt, commented: “This agreement underscores Amlak Finance’s commitment to executing its strategic objectives. We are proud of Amlak Egypt’s growth and achievements and believe that Al Baraka Bank is well-positioned to support its next phase of development.”
The acquisition reflects Al Baraka Bank Egypt’s long-standing role in financing key sectors, particularly real estate, through its strategic partnerships with major developers and financial institutions, the bank said.
Capital Markets Advisors, a member of Synergy Capital, acted as the exclusive financial advisor to Al Baraka Bank Egypt, with ALC – Alieldean, Weshahi & Partners serving as legal counsel. Al Ahly Pharos Investment Banking acted as the exclusive sell-side financial advisor to Amlak Finance PJSC, with Al Tamimi & Company as the sell-side legal advisor.
