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Amlak, Tamweel have not yet applied for bank license

The merger process of the two UAE-based financial lenders has been facing several delays.

February 16, 2010 4:56 by

UAE- based financial lenders Amlak Finance and Tamweel have not yet applied for a license from the country’s central bank for a new Islamic bank that will be formed upon their merger, reports Arabic daily Al Ittihad, quoting Sultan al-Suweidi, the central bank governor.

The UAE government first announced the merger between Amlak and Tamweel in November 2008, but the project has been delayed constantly. In November last year, the UAE’s economy minister Sultan bin Saeed al-Mansouri insisted that the process would be complete by January 2010, but it has again been postponed

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