Ajman Bank

--Ajman Bank PJSC is the first Shariah based Islamic bank incorporated and headquartered in the Emirate of Ajman and it intends to become one of the favourite financial services providers across the UAE. The bank started with a paid up capital of AED 1 billion. The bank is supported by the Government of Ajman which owns 25% and it is also supported by leading financial institutions and private individuals from the UAE. The bank has taken an initial public offering of 55% of its equity to raise capital to fund its aggressive roll-out strategy to support its objective of becoming one of the UAE's favourite financial services providers. The IPO for Ajman was more than 85 times oversubscribed. The bank is listed on the Dubai Financial Market since Feb 08. The Bank's strategy is to target the rapidly expanding Shariah financial services market with innovative products and services, designed to meet customers' needs, all supported with outstanding levels of customer service. Headquartered in the Emirate of Ajman, the bank intends to have a branch network spread across the UAE with the first two branches in the Emirate of Ajman already in full operations, offering its range of innovative products and services. Ajman Bank will also offer tailored products, with its product range, designed to meet various customers' needs. Ajman Bank Shariah compliant products are structured using Islamic financing techniques, among others: Mudarabah, Ijarah, Musharakh, and Istisna'a. Ajman Bank's strategy of offering a comprehensive range of Shariah banking products and services is also intended to support the economic development of the Emirate of Ajman and the UAE, through committing to the highest standards of professionalism, compliance and flexibility.