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Article: GCC Properties Exceed $750 Bn In Value.
- Article from:
- APS Review Downstream Trends
- Article date:
- December 26, 2005
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The domestic home finance market in the GCC, estimated at $750 bn, is to broaden and deepen considerably in the near future. Muhammad al-Hashimi, CEO of Amlak Finance, the pioneer in Islamic home finance in the GCC, was on Dec. 20 quoted as saying: "The UK mortgaged property market is valued at $1 trillion, with a population of 55m. Extrapolate this ratio to the GCC, and the property market has the potential to be worth $750 bn".
Hashimi said the flexibility and innovation shown by the financial services industry in structuring Islamic-compliant instruments to raise debt and capital would ensure that Islamic finance will be the repayment method of choice for ...