Ajman Bank has signed a financing agreement with Saudi German Hospitals Group for the construction of Saudi German Hospital Ajman (SGH-Ajman). The planned hospital would be a 50- bed facility in the Emirate of Ajman. The total cost of the project is AED327.3 million, and the completion of all phases of the project and formal opening of the hospital is expected in 2018. The signing of the agreement was overseen by Mohamed Amiri, Chief Executive Officer of Ajman Bank, and Sobhi Batterjee, CEO and Chairman of the Saudi German Hospitals Group. Akram Khan, Vice President of Ajman Bank, said that the agreement includes providing a housing fund for hospital workers and a range of items within the framework of the agreement.
Applications for Islamic car loans in the UAE grew by 64.79% from 2015 to 2016. Despite growth in Islamic car loans, car loans based on traditional finance were more popular among UAE residents in 2016. Emirates NBD’s Feature-Packed Auto Loan was the most applied-for car loan in 2016. The second most applied-for auto loan of 2016 was that of HSBC, the third, fourth and fifth most applied-for car loans of 2016 were from Islamic banks. Emirates Islamic’s Auto Finance product came in third place, while Noor Bank’s Auto Finance and Ajman Bank’s Car Finance came in fourth and fifth respectively.
Noor Bank closed an AED 850 million Syndicated Islamic Financing Facility for Ajman Bank. The two-year Shari’a compliant facility shall be utilised towards Ajman Bank’s future growth plans. Noor Bank was mandated for the second time to act as Lead Arranger. Dubai Islamic Bank, First Gulf Bank, Sharjah Islamic Bank, The Arab Investment Company and Warba Bank joined the deal as Mandated Lead Arrangers, while National Bank of Bahrain participated as an Arranger. Commenting on the facility, Noor Bank's CEO Hussain Al Qemzi said that this syndication was testament to Noor Bank's service quality and the relationship amongst the two institutions. He expressed his gratitude to Ajman Bank and all the partner banks who helped to close the transaction.
In a statement to Dubai Financial Market, it was reported that Ajman Bank’s AGM has approved and ratified a proposal from the board of directors to increase the bank’s capital base. Under the proposal, Ajman Bank’s authorized capital will become AED 2.1 billion and the paid up capital will increase from AED 1.05 billion to AED 1.55 billion.
Nasdaq Dubai said on Monday Ajman Bank has begun transacting on the its Murabaha Platform, which facilitates the provision of streamlined Sharia-compliant financing services. Ajman Bank’s initial activity on the platform has enabled it to meet the needs of customers throughout the country, the bourse said in a statement. Since it was officially launched in April 2014, the Nasdaq Dubai Murabaha platform has completed a total of more than Dh46.5 billion of transactions and is playing a growing role in Dubai’s expansion as the global capital of the Islamic Economy.
Dentons has advised Ajman Bank on $155 million Islamic financing facilities made available by a syndicate of banks. The facilities comprise of a dual commodity Murabaha and Wakala arrangement with a two year lifespan. Noor Bank acted as the arranger and bookrunner for the deal, and along with Emirates Islamic Bank, First Gulf Bank, United Arab Bank and Warba Bank which participated in the facilities. This transaction follows on from the $200 million Shari’ah-compliant syndicated facility to Ajman Bank that Dentons worked on in December 2014.
Ajman Bank has signed a strategic alliance with Al Ramz Capital, aiming to provide Ajman Bank customers with the services to trade in the UAE's stock market. The alliance has been officially signed by Mr. Mohamed Abdulrahman Amiri, Ajman Bank 's CEO and Mr. Mohammad Murtada Al Dandashi, Partner and Managing Director, Al Ramz Capital. Ajman Bank has launched a share finance product to invest in the UAE's financial markets based on Murabah. This product will double the investors purchasing power in the financial market by offering finance amount equivalent to the market value of the client's stock portfolio. Customers will be also able to trade with their own shares in addition to the finance provided by the bank.
Ajman Bank has appointed Mohammad Amiri as its new chief executive officer (CEO). A UAE national, Amiri served Ajman Bank in various capacities from October 2010 to April 2013, first as deputy CEO before being promoted as acting CEO. In his career in financial services, Amiri has been associated with leading organisations such as Dubai Bank, Dubai Islamic Bank and HSBC Bank Middle East Limited in senior management positions.
The Board of Ajman Bank has decided not to confirm CEO, Mohammed Zaqout and instead named on an interim basis Seifeldin Abdelkareem as the Acting CEO. The decision has been taken by mutual agreement, the board said. The bank maintained earnings momentum recording a breakthrough performance with record growth rate of 382 per cent in 2012 year-end compared to 2011 year-end. Ajman Bank began its operations in 2008 and now operates 11 branches across the UAE.
Ajman Bank has sacked its Chief Executive Mohammed Zaqout, less than six months after appointing him to lead the United Arab Emirates' lender. The Islamic bank said it had terminated the services of Zaqout with effect from Sunday, with Chief Financial Officer Seifeldin Abdelkareem becoming acting CEO. The bank, listed on the Dubai Financial Market since 2008, is 25-percent owned by the government of Ajman.
Ajman Bank partnered with Al Al Ihsan Charity Association as a main sponsor in its 'Ramadan Aman' Campaign. The objective behind this effort is to prevent drivers from speeding during the Ramadan rush hour before Maghreb prayer that often increases the risk of accidents. As part of the campaign Ajman Bank employees will serve as an active volunteer distributing some of the 100,000 iftar kits through the Holy Month in the emirates of Dubai, Sharjah, Ajman, Umm Al-Quwain and Ras Al Khaimah at selected areas. Every year there is a sharp rise in road accidents in the UAE during Ramadan. A considerably large number of these occur shortly before iftar primarily due to speeding.
Ajman Bank appoints Mohammed Zaqout as chief executive officer. Zaqout's appointment will be effective on April 21 pending regulatory approval.
An unknown investor has bought almost 4 per cent of Ajman Bank. Shares were up as much as 2.6 per cent to Dh1.58 each, after a block of 38.8 million shares were traded yesterday morning. The bank did not comment on the share movement, which represents 3.8 per cent of Ajman Bank's share capital. Ajman Bank which is 25 per cent owned by the emirate's government, has frequently been at the centre of rumours that it was the takeover target of an unnamed institutional investor,
Ajman Bank generated net income of Dh33.5 million (US$9.1m) during last year, compared to profit of Dh6.9m a year earlier. However, Ajman's fourth-quarter profits fell 29.5 per cent to Dh8.3m. The bank did not provide detailed financial statements or an explanation of the drop in quarterly income. Ajman said its increase in income was mainly generated through corporate banking, lending to small and mid-sized businesses and treasury operations. The bank's revenues and shares rose as well.
It seems that Islamic banking has increased UAE bourses of nearly 29.3 % in their net income in the first half of 2011 while their total assets and deposits also recorded growth.
The five listed Shariah-compliant banks that were included in the report are: The Abu Dhabi Islamic Bank (ADIB), Dubai Islamic Bank (DIB), Emirates Islamic Bank (EIB), Sharjah Islamic Bank (SIB) and Ajman Bank. The report was published in the semi official daily 'Al Ittihad' and prooves the fact that the banks had strong results in the second quarter of 2011.
Stocks in Ajman Bank fell 1.19 per cent to 83 fils a share. The bank's stocks have, however, gone up 4.2 per cent since the start of the year.
The bank's profits are also revealing the first solid growth for some time.
The bank has also showed a desire to concentrate on women's banking and spread out its network with up to four new branches.
The Dubai Financial Market (DFM) closed 0.38% higher at 1,557.60 amid thin trading.
Moreover, Ajman Bank launched Mahra Ladies Banking, which will be headed by Maryam Al Shorafa.
The number of projects registered under the Dubai Land Department’s (DLD) Tayseer programme has reached 114 and the first funding agreement under the scheme is expected to be finalised soon.
Until now, seven banks have signed with the DLD for financing under the Tayseer initiative. The banks are: Emirates Islamic Bank, Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, Noor Islamic Bank, Mashreq, Dubai Bank and Ajman Bank.
Ajman Bank has signed a cooperation agreement with Ajman Real Estate Regulatory Agency (ARRA) to offer real estate financing to end users, purchasing properties in Ajman. Ajman Bank will offer up to 60% finance-to-value to end users purchasing residential properties in ARRA-approved projects in Ajman.
Ajman Bank, the emirate’s first Islamic commercial bank, has officially announced the appointment of their new Head of Finance Division, Seifeldin Abdelkareem. With a career in the financial field spanning twenty eight years, Abdelkareem has a multitude of experience to contribute as new Head of Finance.