Amlak Finance

Ninety-eight per cent of the book is a bank deposit

Amlak Finance still holds a UAE Central Bank finance-company licence, but at 30 June 2026 customer financing accounted for 1.84% of its financing and investing assets, while short-dated Wakala placements with local banks accounted for 98.16%. Net customer and other financing assets were AED 43.087 million against AED 2,293.586 million of investing assets. Of the AED 2,224 million classified as cash equivalents, AED 2,193.586 million were Wakala deposits maturing within ninety days; a separate AED 35 million regulatory deposit sits outside that figure.

The income statement follows the balance sheet. First-half income from Islamic financing and investing assets was AED 54.382 million, of which AED 51.630 million was Wakala income. Total half-year profit was AED 77.288 million — AED 43.930 million from continuing operations and AED 33.358 million from discontinued ones. Anyone reading that as mortgage-lending profit misreads almost all of it.

The plots that rebuilt the balance sheet

Established in Dubai in November 2000 and converted into a public joint stock company in 2004, Amlak spent the years after 2009 inside a creditor restructuring. It ended in July 2025 with the sale of development land at Ras Al Khor for AED 2.9 billion. FY2025 development-property revenue was AED 2,951.712 million against cost of sales of AED 813.660 million, and AED 898 million of remaining obligations to financiers were settled. At the FY2025 balance-sheet date, investment deposits and term financing were both nil.

That one transaction explains the year: total profit AED 1,470.353 million, operating cash flow AED 2,782.523 million, total assets AED 3,416.877 million, equity AED 3,121.478 million. Leaving the foreign operations cost AED 477.653 million of realised translation losses in the same period.

Shareholders took the cash and refused the plan

At the general meeting of 22 April 2026 shareholders approved an extraordinary distribution of AED 0.49 per share, AED 735 million in total, paid on 15 May. At the very same meeting they rejected the board's transformation business plan and its proposal to surrender the Central Bank licence. Amlak therefore remains a regulated finance company with no shareholder-approved operating model. The board has appointed a financial adviser, and any replacement plan requires a further shareholder vote. After the payment, half-year assets were AED 2.748 billion and equity AED 2.462 billion.

Five years that will not join into one line

Income from Islamic financing fell from AED 156.865 million in FY2021 to AED 51.074 million in FY2025, down 67.4%, while total assets fell 16.3% from AED 4,080.559 million to AED 3,416.877 million. The route between those endpoints is discontinuous. Reported profit was carried by shrinking gains on debt settlement — AED 464.852 million, AED 348.928 million, AED 173.939 million and AED 44.536 million across FY2021 to FY2024 — and FY2021 additionally contained AED 613.059 million of income on settlement against an advance for investment property.

FY2024 exists twice. The original audited statements show net profit of AED 52.370 million, financing assets of AED 1,287.011 million and total assets of AED 2,537.194 million; the comparative column inside the FY2025 statements shows AED 12.488 million, AED 637.177 million and AED 2,392.067 million. Both versions are audited, both are retained, and no growth rate should be drawn across them.

What Amlak has not put on paper

The perimeter holds six UAE subsidiaries plus Amlak Nasr City Real Estate Investment LLC in Egypt; Amlak Capital LLC is proposed for liquidation but was still consolidated at the half year.

Two issuer documents describe the legacy mortgage-portfolio sale differently. The interim note treats it as executed, with derecognition in FY2025 and AED 70.473 million of consideration received during the half; the disclosure of 17 April describes completion as still conditional at an initial price of AED 74.88 million. A 5% retention stays inside other assets. Amlak has published no regulatory capital ratio, no counterparty or maturity ladder behind the Wakala placements, no new origination volume and no warranty-release date. Those absences, rather than the headline profit, define what is currently knowable about this company. Nothing here is a price view, a target or a portfolio instruction.