Ajman Bank PJSC (under formation) ("Ajman Bank" or "The Bank") has announced its intention to list on the Dubai Financial Market ("DFM") by way of a Public Offer which will see it valued at AED1 billion.
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, "Ajman Bank will play a significant role in the economic development of Ajman and of the UAE. Its unique offer to the market will help to change the way customers experience banking. Ours is a long-term vision to create a business and a brand that will become the UAE's, and in the future, the GCC's favourite financial services brand. Through this vision we will generate sustainable value for shareholders, outstanding customer service for banking services and play our role in the growth of Ajman and the UAE."
Yousif Khalaf, CEO of Ajman Bank, said, "Ajman Bank is going to offer a new level of customer service to the financial services market in the UAE. We aim to start with the customer, taking the time to understand their financial needs, designing products that meet these needs and offering them with market leading customer service.
"The UAE's Shariah banking market offers significant potential to the organization which can change the current financial services model and create a strong customer focused brand offering choice and high levels of customer service to everyone in the UAE, and ultimately the GCC. We believe Ajman Bank has the strategy and management experience to seize this opportunity and create value for customers and shareholders alike.
"We already have the support of the Government of Ajman, which holds 25% of our shares, as well as significant financial institutions and private investors from across the UAE. We are now seeking to open up the growth potential we offer to investors in the UAE and the GCC by offering 55% of our equity through a public offering on the Dubai Financial Market. This is the first stage of our ambitious growth plan which aims to create the UAE's favourite financial services brand. The proceeds from the listing will fund an aggressive roll-out of branches and services across the UAE," Khalaf concluded.
© 2008 Mena Report (www.menareport.com)
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