Amlak, the Islamic home loan company which stopped issuing new credits in 2008, posted a larger net loss as income from its core business fell and impairments more than doubled.
Amlak Finance, which is in limbo due to a three-year long restructuring by the Government, made a net loss of Dh52.2 million (US$14.2m) for the second quarter, compared with a loss of Dh597,000 in the same period last year.
Amlak and its rival Tamweel were the two largest Islamic home loan companies during Dubai's six-year building spree.
But the decline in property prices in the autumn of 2008 exposed weaknesses in their funding models, which relied on raising short-term debt to finance the long-term mortgage commitments of their customers.
Trading of Amlak and Tamweel was suspended in November 2008 after both companies lost access to sources of wholesale funding.
A plan to merge the companies was floated by the Government, but abandoned after Dubai Islamic Bank raised its stake in Tamweel to 57.3 per cent, effectively rendering the lender a subsidiary.
Unlike Amlak, which is still unable to write new business, Tamweel has resumed lending and last month reported a fivefold increase in profits.
Tamweel declared net income of Dh27.7m for the second quarter, its best quarterly result since the decline of the Dubai property market in the wake of the global financial downturn.
Amlak's revenue declined 12 per cent to about Dh148m "as a result of no new business origination over the past two years continuing into 2011 and further mortgage rate cuts offered to existing customers", according to the company. Impairments on Islamic financing and investing assets jumped to Dh61.2m from Dh29.7m.
A government committee studying an overhaul of Amlak "continues to explore the possibilities of a balance-sheet restructuring", the company said in May.
Jaap Meijer, a senior analyst at AlembicHC in Dubai, said Amlak needed significant impairments on its property investment portfolio. "Amlak may also need a capital increase, depending on the size of the necessary impairments and [it] also needs to secure longer-term funding."
Tamweel was in a far better position because it had a much smaller investment property book and it had already taken large impairments and secured long-term funding. "We expect Tamweel to gain market share in new mortgage origination," he said.
After balance-sheet restructuring, Amlak should focus on mortgage origination, as Tamweel had done, said Mr Meijer.
* with Bloomberg and Reuters
gduncan@thenational.ae
Can NRIs vote in the election?
Indians residing overseas cannot cast their ballot abroad
Non-resident Indians or NRIs can vote only by going to a polling booth in their home constituency
There are about 3.1 million NRIs living overseas
Indians have urged political parties to extend the right to vote to citizens residing overseas
A committee of the Election Commission of India approved of proxy voting for non-resident Indians
Proxy voting means that a person can authorise someone residing in the same polling booth area to cast a vote on his behalf.
This option is currently available for the armed forces, police and government officials posted outside India
A bill was passed in the lower house of India’s parliament or the Lok Sabha to extend proxy voting to non-resident Indians
However, this did not come before the upper house or Rajya Sabha and has lapsed
The issue of NRI voting draws a huge amount of interest in India and overseas
Over the past few months, Indians have received messages on mobile phones and on social media claiming that NRIs can cast their votes online
The Election Commission of India then clarified that NRIs could not vote online
The Election Commission lodged a complaint with the Delhi Police asking it to clamp down on the people spreading misinformation
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Company%20Profile
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Company%20Profile
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Terminal High Altitude Area Defense (THAAD)
What is THAAD?
It is considered to be the US' most superior missile defence system.
Production:
It was first created in 2008.
Speed:
THAAD missiles can travel at over Mach 8, so fast that it is hypersonic.
Abilities:
THAAD is designed to take out projectiles, namely ballistic missiles, as they are on their downward trajectory towards their target, otherwise known as the "terminal phase".
Purpose:
To protect high-value strategic sites, such as airfields or population centres.
Range:
THAAD can target projectiles both inside and outside of the Earth's atmosphere, at an altitude of 93 miles above the Earth's surface.
Creators:
Lockheed Martin was originally granted the contract to develop the system in 1992. Defence company Raytheon sub-contracts to develop other major parts of the system, such as ground-based radar.
UAE and THAAD:
In 2011, the UAE became the first country outside of the US to buy two THAAD missile defence systems. It then deployed them in 2016, becoming the first Gulf country to do so.
MATCH INFO
Mumbai Indians 186-6 (20 ovs)
Kings XI Punjab 183-5 (20 ovs)
Mumbai Indians won by three runs
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Company%20Profile
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Abu Dhabi GP schedule
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
Killing of Qassem Suleimani
COMPANY%20PROFILE
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Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Quick%20facts
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COMPANY PROFILE
Name: Cofe
Year started: 2018
Based: UAE
Employees: 80-100
Amount raised: $13m
Investors: KISP ventures, Cedar Mundi, Towell Holding International, Takamul Capital, Dividend Gate Capital, Nizar AlNusif Sons Holding, Arab Investment Company and Al Imtiaz Investment Group
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
