Dubai – Mubasher: Amlak Finance on Monday announced that it has redeemed an additional AED 100 million of the mudaraba instrument in November 2017.

The Dubai-based company has paid off AED 309 million in total, representing 21% of the mudaraba instrument, the company highlighted in a statement to the Dubai Financial Market (DFM).

“Amlak’s restructuring proposal allowed financiers to swap AED 1.3 billion of their original facilities to a convertible mudaraba instrument,” the firm noted.

The company added that the instrument is fully convertible into company shares, in case it was not redeemed by the end of a 12-year period of the restructuring through monetization of Amlak’s real estate assets value growth.

Amlak Finance had previously posted a 68.4% year-on-year drop in net profit of for the first nine months of 2017 to AED 29.70 million, compared to AED 94.15 million in the prior-year period.