Business | Banking

Ajman Bank gets Islamic banking honour

The bank was assessed on a number of operational divisions other than its overall performance as a bank.

  • Staff Report
  • Published: 00:00 January 24, 2010
  • Gulf News

Ajman: Ajman Bank, the emirate's first Islamic commercial bank, has been named Best New Islamic Bank for 2009 by readers of Islamic Finance News (IFN).

Ajman Bank beat the competition in the fifth annual Islamic Finance News Awards which collated votes from over 2,500 readers during a month-long poll. This achievement comes as the new bank nears the end of a successful first year in operation.

The bank was assessed on a number of operational divisions other than its overall performance as a bank. These included retail banking, with the acknowledgment of Ajman Bank launching a wide range of asset and liability products at the most competitive rates offered in the market and its success in winning the most creative design award by VISA for Ajman Bank's credit cards.

Strong relationships

Investment banking and corporate banking achievements were also taken into consideration as 2009 saw Ajman Bank financing reputable names in the UAE market such as Al Ghurair Group and Bu Khater. In addition the bank has been recognised for building strong relationships with semi-governmental and government-owned companies such as Ajman Free Zone and Sharjah Safe Zone.

Commenting on the accolade, Ali E. Alshaqoosh Al Mueen, Deputy CEO for Ajman Bank, said, "I know that I speak for the whole team at Ajman Bank in saying that we are very proud to accept this award as Best New Islamic Bank."

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