Strategic partnership will benefit customers seeking high-quality Abu Dhabi and Dubai real estate

Abu Dhabi, UAE; February 16, 2011: Ajman Bank, an award-winning financial services institution committed to transforming the experience of Islamic banking, announced today that has entered into a strategic partnership with Manazel Real Estate PJSC, one of the UAE's leading real estate developers.

The agreement, which will see Ajman Bank provide Islamic home finance to customers, was signed in a ceremony by Mr. Ali Al Nuaimi, Deputy CEO of Ajman Bank, and on behalf of Eng. Mohamed M. Al Mazrouei, CEO of Manazel, Mr. Saeed Al Khazaraji, Head of Support Services.

Under the agreement, Ajman Bank customers can avail home finance on properties in Manazel developments.

"Ajman Bank continues to deliver products and services that cater to the financial services needs of customers. This partnership meets the strong demand for Islamic home finance from customers in Abu Dhabi and Dubai," said Ali Al Nuaimi, Deputy Chief Executive Officer, Ajman Bank. "As a company we are fully committed to supporting the economic development of the UAE, and this agreement will help to further stimulate the country's real estate market."

Ajman Bank will offer up to 80 per cent finance-to-value ratios for Manazel properties, along with tenures of up to 20 years. The maximum finance amount will be AED 5 million. Home finance will be available to UAE nationals and expatriate residents with a minimum monthly income of AED 10K and 20K, respectively.

Eng. Mohamed M. Al Mazrouei, CEO of Manazel Real Estate, said: "We are delighted to partner with Ajman Bank to provide Islamic home financing to our customers. Today's announcement is another important step in the continuing revitalisation of the UAE real estate market. The bank is rapidly establishing itself as a key player in the UAE home finance sector, and we are confident that the products announced today will be of great interest to people looking to buy high quality real estate in Abu Dhabi and Dubai."   

Ranked third in customer service among all Islamic banks in the country by Ethos Consultancy, Ajman Bank was recently named the UAE's "Best Domestic Bank" at the 2010 Islamic Business & Finance Awards. The bank currently operates eight full-service branches in the UAE.

Further details can be found at www.ajmanbank.ae and www.manazel-re.com

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About Ajman Bank:  
Ajman Bank is a young, agile Islamic commercial bank that provides a wide range of value-driven banking services in the UAE for individual, business and government clients, all in compliance with Shariah principles. Ajman Bank seeks out the market's best products, people and technology in order to deliver what customers want, how they want it, delivering real value and recreating that human touch lost in modern banking.

Headquartered in Ajman and strongly supported by its government, Ajman Bank is the keystone of the emirate's economic development strategy and is in a position to benefit from its growth and potential like no other. Ajman Bank is committed to becoming a sustainable organisation in its truest sense, balancing care for the community and employees with the business of delivering value to its shareholders and customers.

About Manazel Real Estate PJSC :
Established in 2006, Manazel Real Estate PJSC is an Abu Dhabi based Shari'ah-compliant real estate development, management and Investment Company. Manazel Real Estate specializes in developing high quality, yet affordable residential and mixed-use communities for middle-income home owners in the UAE, while providing attractive growth and solid returns on long-term investments for its over 2,600 shareholders. With paid capital of AED 2.5 billion (US$670 million),  and strategically placed investments in residential and commercial in full compliance with the Islamic Real Estate Investment concept, Manazel Real Estate is one of the UAE's leading and most trusted developer.

For further information, please contact:
Nicholas Nesson / Liam Turner
ASDA'A Burson-Marsteller
Dubai, UAE
Tel: 971-4-3355969
Fax: 971-4-3356080
E-mail: n.nesson@asdaa.com / l.turner@asdaa.com

© Press Release 2011