Amlak Finance, the Dubai-based Islamic mortgage provider, started renegotiations with its creditors to restructure the terms of its debt. The company restructured AED10.2bn (USD2.8 billion) in deposits and settled AED2.8 billion in cash with its lenders in 2014, and then revised the terms in 2016, according to a statement. According to Amlak the current funding agreement imposed certain restrictive covenants on Amlak, which given the passage of time and changes in market dynamics and macro-economic factors proved to be detrimental to the long term  prospects of the company. Amlak said that it is approaching its financiers to renegotiate funding conditions to allow it more flexibility in adapting to current market conditions. Talks have started and are expected to conclude by the second quarter.