UAE working on mortgage law
The UAE is working on a mortgage law which will make it easier for people to buy residential units, UAE Central Bank Governor said.
Speaking at the seminar, the Central Bank governor said the government has also set up a committee to look into the Amlak issue.
The UAE government said in late 2008 that it would merge Amlak Finance and Tamweel and has been working on a plan to restructure them. Shares in the two firms have not traded since. But last month, Dubai Islamic took majority stake in Tamweel leaving Amlak's fate hanging in balance.
Sources told Emirates 24|7 on Wednesday that three Islamic banks - Emirates Islamic Bank, Dubai Bank and Noor Islamic Bank - are considering merger and then the merged entity will take over Amlak.
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