Thursday, Mar 18, 2010

BEIRUT ( Dow Jones)--The ministerial committee in charge of restructuring the two United Arab Emirates-based Islamic finance companies Amlak Finance and Tamweel has reached the final stages regarding a scenario to complete the proposed merger, Abu Dhabi-based Al Ittihad daily reports Thursday citing Sultan Bin Saeed Al Mansouri, U.A.E. minister of economy.

The ministerial committee is awaiting the final approvals and the ultimate solution to restructure the two companies will be announced soon, Mansouri, who also heads the committee, told the paper.

The restructuring scenario, that is mostly discussed, is to merge the two firms and establish an Islamic bank that will get the financial support of the government, the daily reports.

The committee had allocated 2 billion U.A.E. dirhams ($544.5 million), equally divided between the U.A.E. government and the Dubai government, to support the financial solvency of the two companies, it adds.

Newspaper Web site: www.alittihad.ae

-By Beirut Bureau, Dow Jones; +961-1-985 757; BeirutZDJ@.com

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18-03-10 0622GMT