The Dubai lender made a net loss of AED53.9 million($14.67 million) for the quarter, compared with a loss of AED3.1 million during the same period in 2010, it said in a statement to the Dubai bourse.

Revenue from financing and investing activity fell by 17 percent during the quarter, the company said, due to no new business over the past two years, continuing into 2011.

The company took impairments on Islamic financing and investment assets of AED58.4 million in the quarter.

Amlak’s total assets in the quarter stood at AED13 billion, falling from AED13.9 billion in the year-before period, due to overall effect of decreasing mortgage portfolio.

The UAE government suspended trading of Amlak along with rival Tamweel in November 2008 amid a liquidity crunch and announced intentions to merge the two Islamic lenders.

Tamweel resumed trading earlier this week.