Amlak Finance Reports Dh104 Million Net Profit as Wakala Deposit Income Rises

The company published its figures as third-quarter results. The UAE's state news agency WAM headlined the Dh104 million as a nine-month profit, while Al Bayan described it as third-quarter profit, and the company's statement as reported does not spell out which period the number covers.

The third-quarter figures that were reported show a business now funded almost entirely by its own cash rather than its loan book. Revenue from financing and investment activities rose to Dh79 million in the third quarter of 2026 from Dh24 million a year earlier. Most of that, Dh75 million, came from placing more money in wakala deposits, an Islamic deposit structure in which an agent invests funds for a return.

Amlak settled all of its financial obligations in full in July 2025. As a result, distributions to its financiers cost nothing in the third quarter, compared with Dh17 million in the same quarter last year.

The company has paid Dh735 million in cash dividends to shareholders during 2026.

Amlak was one of the UAE mortgage lenders hit hardest by the 2008-09 property crash. It spent more than a decade restructuring its debts with lenders before settling them in July 2025. The latest results show the company earning most of its income from returns on cash while returning large sums to shareholders, and it has not announced a new lending strategy.

Chief executive Arif Albastaki said the results showed the strength of the company's financial position, helped by careful liquidity management after it settled its earlier obligations. "We will continue to evaluate opportunities to ensure that our decisions support the long-term development of the company and contribute to sustainable value for shareholders," he said, according to the company's statement as carried by WAM.

The company did not say what kind of opportunities it is considering or when it expects to decide on them.