Ajman Bank PJSC (under formation) (“Ajman Bank” or the “Bank”) today announced that the Public Offer of 550 million of its Ordinary Shares will close on Wednesday 27 February.
The shares are priced at AED1 each, with a minimum subscription of 2000 shares and the Offer 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").
Subscription forms and the Prospectus are still available from the following banks: Abu Dhabi Islamic Bank; Dubai Islamic Bank; Emirates Islamic Bank; Noor Islamic Bank, Dubai Bank and Sharjah Islamic Bank. The Prospectus is also available for download from www.ajmanbank.net
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 Public Offer of Ajman Bank shares is an important step in the development of not only the bank but also of Ajman. By creating a new way of doing business with banking customers, Ajman Bank will not only differentiate itself in the financial services market, it will also help to drive the economic and commercial development of Ajman. This in turn will 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. The Public Offer is but the first step in realizing this vision. With the support of current investors, who include the Government of Ajman, we aim to change the way financial services are offered in the UAE, and ultimately, the GCC market.”
HSBC Middle East is acting as financial advisor and Lead Manager to the Bank.
About Ajman Bank
Ajman Bank will be Ajman’s first commercial bank. Its vision is to become the favourite financial services provider in the UAE and the GCC by creating high-quality banking products and services and providing outstanding customer care. Investors include the Government of Ajman and some of the UAE’s leading financial institutions and private individuals. The bank will be led by a management team comprising some of the region’s leading experts in leading and managing Shariah financial services providers, including Yousif Khalaf, the CEO of Ajman Bank and former CEO of Bahrain Islamic Bank and Ithmaar Bank.
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