Al Baraka Bank Egypt said it signed a final agreement to acquire full ownership of Amlak Finance Egypt SAE from Amlak Finance PJSC of the United Arab Emirates, as the lender moves to expand in real estate mortgage finance and non-bank financial services after receiving all required regulatory approvals.
Financial terms were not disclosed.
The sale and purchase agreement was signed by Al Baraka Bank Egypt’s chief executive and vice chairman Hazem Hegazy and Amlak Finance Egypt chairman Ahmad Salameh.
Amlak Finance, headquartered in Dubai, established its mortgage finance business in 2000 and has built a track record across the Gulf before expanding into Egypt, where its unit has become a specialist in Islamic home financing.
“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, adding that the deal adds a new entity to the bank’s non-bank financial institutions portfolio and enhances its suite of Sharia-compliant products and services.
He said the move aligns with Al Baraka Banking Group’s strategy in Bahrain to grow in the non-banking financial services sector and credited the transaction teams for “their collaboration and professionalism in achieving this important milestone.”
Salameh said the agreement advances Amlak Finance’s strategic objectives and positions the Egyptian unit for its next phase.
“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,” he said.
On the transaction, Capital Markets Advisors, a member of Synergy Capital, acted as exclusive financial adviser to the buyer, with ALC – Alieldean Weshahi & Partners as legal counsel and Ledger Consulting Company as tax adviser.
Al Ahly Pharos Investment Banking advised the seller exclusively, while Al Tamimi & Company provided sell-side legal counsel.
Al Baraka said it continues to support sustainable urban development projects that contribute to economic growth and promote circular-economy principles through partnerships with developers and financial institutions.