Since its official inauguration on February 2^nd 2009, Ajman Bank has dedicated resources to the development of its branch and ATM network reaching out to additional emirates across the UAE. This quarter, the Dubai branch is expected to officially open, taking the total number of branches to five.

 

In 2009 Ajman Bank pursued a number of other activities to support its strategic partnerships and service innovations.  Ajman Bank now provides mobile banking services to its customers, facilitating all forms of electronic banking. Similarly, SMS push services were also launched during Q4 with improved features enabling customers to benefit from a wide range of banking activities by sending an SMS from their mobile phones. Ajman Bank also established escrow accounts with major real estate companies supporting the local property market.  In light of these developments, amongst others, Ajman Bank was recently awarded “best new Islamic bank” by Islamic Finance News.

 

Ajman Bank has benefited from a position of relatively high liquidity in the market, a factor which has resulted in its ability to remain focused on profitability and growth.  Despite extraordinary first year results, the Bank recognizes the need for a cautious approach to its second year of operations in 2010.  Ajman Bank will continue to focus resources on delivering products and services across its growing branch network as well as investment opportunities that will impact positively on the value of the Bank's shares in an effort to retain a position near breakeven or better.

 

Commenting on the 2009 year-end financial results, CEO of Ajman Bank, Mubashar Hanif Khokhar stated, "Ajman Bank focused on building its infrastructure throughout 2009 to ensure the Bank's progress towards profitability. Our initiatives are bearing fruits as the Bank has delivered several important achievements. While strengthening the surrounding economy is a key objective, simultaneously reaching more customers through our growing UAE network continues to be a priority in addition to growing our assets. As we move forward into 2010 we aim to emphasize effective strategic planning, develop a stronger risk management culture, and retain or reach a lasting long-term position of profitability. "

Khokhar commented further by saying, "These achievements would not have been possible without the effective participation and positive contribution of the Bank's Board of Directors and the entire team at the bank, who have consistently supported the organization in all its endeavors. We will continue to grow and strengthen our position within the banking industry with a view to becoming one of the leading banks in the UAE and the Middle East in the coming years. "