Dubai-UAE: 15 November, 2016 – Noor Bank successfully closed an AED 850 million Syndicated Islamic Financing Facility for Ajman Bank. The two-year Shari’a compliant facility shall be utilised towards Ajman Bank’s future growth plans.

Noor Bank, a leading Shari’a compliant bank in UAE, was mandated for the second time to act as the Initial Mandated Lead Arranger and Bookrunner for this transaction. Dubai Islamic Bank, First Gulf Bank, Sharjah Islamic Bank, The Arab Investment Company and Warba Bank joined the deal as Mandated Lead Arrangers, while National Bank of Bahrain participated as an Arranger.

Commenting on the facility, Hussain Al Qemzi, CEO, Noor Bank, said: “2016 has been another strong year for Noor Bank, with our syndications and capital markets deals reinforcing our leadership position. Ajman Bank entrusting Noor Bank with another syndication, is testament to our service quality and the relationship amongst the two institutions. We would like to thank Ajman Bank, as well as all our partner banks, who worked closely with us to ensure the successful closure of the transaction.”

Mohamed Amiri, CEO, Ajman Bank, stated: “The syndicated Islamic financing agreement underscores Ajman Bank’s commitment to constantly improve our banking facilities. The value in this framework of cooperation with involved parties confirm our strong market positioning”.

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About Noor Bank
Noor Bank began operations, in Dubai, in 2008, as Noor Islamic Bank. It is a full service bank delivering the broadest range of products for its customers, with an emphasis on unique and personalised service. Noor Bank is governed by the Shari’a Supervisory Board, comprising of leading Islamic scholars, comprising leading Islamic scholars with extensive experience and expertise in legal, financial and banking-related matters. Noor Bank is rated “A-” IDR with a stable outlook by Fitch Ratings. The corporate shareholders of the Bank are The Office of the Crown Prince of Dubai (25.73%), the Investment Corporation of Dubai (22.71%) and the Emirates Investment Authority (4.7%).  The remaining shares are beneficially held by individuals who each own less than 5% of Noor Bank.  For further details, please visit: www.noorbank.com or call 800 6667.

About Ajman Bank
Ajman Bank PJSC is a Shari'a based Islamic bank incorporated and headquartered in the Emirate of Ajman. The Company was listed on Dubai Financial Market in February 2008 through an IPO which was oversubscribed by more than 85 times. The Company is actively supported by the Government of Ajman, as a majority shareholder, which holds 25% of its shares. The Company started with a paid up capital of AED 1 Billion and currently operates 11 branches spanning across the UAE.

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© Press Release 2016