AMLAK, Emaar in financial services joint venture

Emaar FS to offer across the board financial services including 'independent' research.

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By  Mark Johnson Published  February 15, 2005

Leading UAE property developer, Emaar Properties and fledgling Islamic finance house AMLAK Finance, have joined forces to launch Emaar Financial Services (Emaar FS), a financial services company. The new company will offer a range of financial services to investors, including brokerage services, investment research and analysis, trading and clearing services and online trading services. The services will be available to individuals and corporate entities. Unlike AMLAK, which is a purely Islamic finance house, Emaar FS will offer across the board financial services including non-Islamic products. While this is likely to raise eyebrows within the Islamic financing world, it will doubtless be seen by many others as a bold and innovative move, for which AMLAK’s youthful ceo, Mohammed Ali Al Hashimi — who is also vice chairman of the new company — should be commended. Market watchers will also be keen to see what kind of research and analysis the new company comes out with, given the lack of transparency and reporting methods in the region. However, Al Hashimi said the new company would help set the standard for more openness and transparency: “There needs to be more transparency and openness and we believe all these areas will develop more as we go forward.” Emaar FS commenced operations today (15 February) from its first broking office, which is located in the Dubai Financial Market. The company said it would open a second office on the Abu Dhabi Securities Market (ADSM), shortly. Hussein Al Meeza, Emaar FS chairman and AMLAK Finance executive board member, said the new company would enter into a strategic alliance with Kuwaiti investment bank, Global Investment House, which will provide research and other services to help Emaar FS establish a strong financial network across the GCC region, with particular focus on Kuwait, Saudi Arabia and Bahrain.

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