Ajman, UAE; Sunday, 19 January 2015: Ajman Bank, the award-winning Islamic financial services institution committed to transforming the experience of Islamic banking, is pleased to announce the signing of a Syndicated Facility of US Dollars Two Hundred Million that was arranged by Al Hilal Bank, Abu Dhabi. The proceeds of the three year Sharia-compliant facility would be utilized by Ajman Bank for investment purposes, which is geared towards a period of strong growth and profitability. The dual tranche (Murabaha / Wakala Islamic structures) facility, in which, domestic and regional Islamic banks have participated, evidences the evolving strategic working relationships amongst domestic and regional Sharia-compliant banks.

The syndicated Facility Deal was followed by a ceremony in Emirates Towers - Dubai in which the following members have attended; Mr. Mohamed Amiri - Ajman Bank's CEO, Mr. Mohamed Jamil Berro - Al Hilal Bank CEO, Mr. Mohamed Abdalla - Sharjah Islamic Bank CEO, Mr.  Abdulla Showaiter - Emiartes Islamic Bank Deputy CEO, Mr.  Ali Akbar Khan - Qatar Islamic Bank AGM & Head of Financial Institutions.

Al Hilal Bank acted as the Mandated Lead Arranger, Book runner and Investment Agent for syndication with participation from Emirates Islamic Bank, Sharjah Islamic Bank and Qatar Islamic Bank.

Commenting on the occasion, Mr. Mohamed Amiri, CEO of Ajman Bank, said, "We are pleased to collaborate with Al Hilal Bank to arrange this three years deal for Ajman Bank, which includes other participant banks such as Emirates Islamic Bank, Sharjah Islamic Bank and Qatar Islamic Bank. This is an excellent example of the strong camaraderie which exists within the Islamic banking fraternity and the growing confidence in the performance capability of Ajman Bank, which despite its ambitious growth targets, has kept a very strict credit discipline."

Mr. Akram Khan, EVP & Group Head of Wholesale Banking, noted, "This medium term funding comes at an opportune time to support the robust pipeline of wholesale / corporate financing deals in 2015 and also helps in our asset / liability matching."

Mr. Mohamed Jamil Berro, Group CEO of Al Hilal Bank was pleased with the outcome of the syndication and thanked all the participating banks. He said "it was indeed an honor to lead and manage the syndicated deal for a very important relationship for Al Hilal Bank. The response reinforces Al Hilal Bank's excellent arrangement capability and wide relationship network that it maintains with counter-parties in the region. The result reinforces Al Hilal Bank as a leading banking institution with the ability to structure and syndicate deals originated in the region."

About Ajman Bank: 
Ajman Bank is a young, agile Islamic commercial bank built on the values of integrity, trust and transparency. The bank 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.                                   

For further information, please contact:
Maryam Al Shorafa
Head of Corporate Communications and Marketing
Tel: 06-7018188
E-mail: malshorafa@ajmanbank.ae

© Press Release 2015