There's an interesting disclaimer from the auditors in the beginning of the 2009 financial statements from <b>Amlak Finance</b>, the country's largest Islamic home finance company.<br/><b><br/>Ernst & Young</b> writes:<br/> So, basically they are delaying a potentially huge devaluation of their multi-billion dirham portfolio of properties because there aren't enough transactions to establish a market price. This is another sign that companies are putting off the pain of the property downturn until a future date - which means there could still be a good deal of write-downs to come. It's also a sign of the difficulties companies have when they use "fair-value" prices. When there's no market for your properties, what are they worth?