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Ajman Bank opens for business
His Highness Shaikh Humaid Bin Rashid Al Nuaimi, Member of the Supreme Council and Ruler of Ajman, yesterday became the inaugural account holder with the emirate's first Islamic commercial bank, Ajman Bank, as its first branch opened for business.
- Staff Report
- Published: 23:36 December 22, 2008
- His Highness Shaikh Humaid Bin Rashid Al Nuaimi opens an account with the CEO of Ajman Bank Yousif Khalaf.
- Image Credit: Supplied picture
Ajman: His Highness Shaikh Humaid Bin Rashid Al Nuaimi, Member of the Supreme Council and Ruler of Ajman, on Monday became the inaugural account holder with the emirate's first Islamic commercial bank, Ajman Bank, as its first branch opened for business.
In terms of retail banking, Ajman Bank will be offering current, savings and deposit accounts in all major currencies from day one as well as credit cards and murabaha personal finance, in compliance with Sharia principles.
The bank is expected to add a portfolio of new products such as home fin-ance, enterprise banking and payroll management.
ATM service
While ladies banking, internet and affluent banking services will be available early on, the propositions will be enhanced throughout 2009 to include advanced online and affluent banking, mobile and SMS banking as well as increasing numbers of off-site ATMs.
The ATMs will be positioned in key areas from shopping malls to business centres across the UAE.
Speaking on behalf of the board, Shaikh Ammar Bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank said, "We are all very proud of the great progress that has been made by the Ajman Bank team on making this bank a reality. It is a testament to their dedication, their experience and their drive that we have seen what began as a successful IPO become the tangible operation it is today, opening as planned."
"This marks a milestone in Ajman's development as we move towards becoming a more established, recognised economy in the UAE and the region."
Confident in the success of forthcoming Ajman Bank operations, plans for further branches in Sharjah, Dubai and Abu Dhabi were also approved.
Work is already underway and nearing completion on a second Ajman branch which is expected to open in January of next year.
With regards to the rest of the country, expansion plans dictate that at least one branch will be launched per quarter in major markets across the UAE markets.
While Ajman Bank's management will be closely monitoring current market scene, the Board's belief in the UAE's economic position and potential means that plans laid out for 2009 are expected to remain largely unaffected.
"With our board's approval, we are now in a position to bring a wide range of value-driven banking services to our new customers, opening the doors to the next stage of our development. Our retail teams are very excited about accepting Ajman Bank's first accounts and putting their customer service expertise and training into action," said Yousif Khalaf, Ajman Bank CEO.
Speaking about their expansion plans Khalaf said: "We have taken a very realistic approach to our expansion in the UAE. We feel confident that there is space in the market for us to grow, without spreading ourselves too thinly. Our aim is to open at least one new branch in a new city per quarter."
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