Dfm Ajman Bank

Ajman Bank PJSC (under formation) today announced the opening of its Public Offer for 550 million of its ordinary shares. 

The shares are priced at AED1 each, with a minimum subscription of 2000 shares and is open to UAE and non-UAE investors. Upon completion of the Offer, Ajman Bank’s shares will be listed on the Dubai Financial Market (“DFM”) during the second quarter of 2008.

Subscription forms and the Prospectus are available from the following banks: Abu Dhabi Islamic Bank; Dubai Islamic Bank; Emirates Islamic Bank; Noor Islamic Bank, Dubai Bank and Sharjah Islamic Bank. 

Ajman Bank will be the first Shariah bank incorporated and headquartered in the Emirate of Ajman and it intends to become the favourite financial services brand in the UAE and the GCC region. The Bank’s strategy is to target the rapidly expanding Shariah financial services market with innovative products and services, designed to meet customers’ needs, supported with outstanding levels of customer service.

Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank, commented, “The creation of Ajman Bank is a central part of the economic development plans for Ajman. A new bank, offering a creative way of serving consumer and business customers’ needs, for both Ajman and the UAE, will drive the growth of investment and commerce into Ajman and across the UAE, helping to support the overall development of the UAE as well as creating long-term value for investors and shareholders.” Yousif Khalaf, CEO of Ajman Bank, said, “Our vision is to become the UAE’s favourite financial services brand. We believe that this is a long-term vision which can be created by differentiating ourselves through offering customers outstanding levels of service. 

Ajman Bank will be based on Shariah principles but we intend to target the whole of the financial services market, making our innovative products and services and unparalleled customer service available to all. The Public Offer is an opportunity for investors to be part of our long-term vision of creating investor value through changing the way banking services are created and delivered in the UAE, and ultimately, the GCC. It will also build upon the support Ajman Bank already has from the 25% shareholding held by the Government of Ajman, in addition to 20% held by financial institutions and private investors.” HSBC Middle East is acting as financial advisor and Lead Manager to the Bank.‚Äč