In September 2016, Amlak approached its financiers to waive a number of restrictive covenants, which included adjustments to certain restrictions to allow for the companys mortgage book to be maintained at higher anticipated levels, funds to be raised under certain pre-agreed parameters, and restrictions on business origination to be removed. All of these restrictions will be in full compliance with the Central Bank Regulations for Islamic Finance Companies. These adjustments are essentially aimed to raise new business origination limits and the way Amlak can raise new funding to grow its balance sheet.
Amlak presented a new business plan to the financiers which has now been formally approved by a super majority of the financiers, to al…
Read the full article at: http://www.cpifinancial.net/news/post/38776/amlak-successfully-renegotiates-restructuring-terms-with-its-financiers