Dubai-based Islamic mortgage provider, Amlak Finance has proposed a new deal to restructure about $2.7bn in debt, Bloomberg has reported. The company, part-owned by Emaar Properties, said it met lenders last month to present the deal. If the deal is agreed, Amlak will make an initial 20% down payment to depositors worth about Dhs2bon ($545m) a company spokesman said. The remaining debt to “commercial depositors” will be paid over 12 years, with about Dhs1.4bn turned into a convertible instrument, he said.
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