Ajman, 22 June 2009:  Ajman Bank, the Emirate's first Islamic commercial bank yesterday signed an agreement with Ajman Chamber of Commerce and Industry. The signing signifies the beginning of a long-term collaboration between the two parties, which will form the foundation of an institutional framework through which ideas, strategies and services can be exchanged, intended to foster sustainable development within the business community in Ajman

 

The new alliance aims to create channels for the exchange of knowledge and best practice in order to enhance the level of service they provide and support both the establishment and development of small and medium-sized enterprises. Any company registered with the Chamber, whether as joint ventures, subsidiaries of foreign companies or any other legal form of a company list registered in the Emirate of Ajman will have the support of both entities in all its business needs.

 

On the bank's part, it will provide financial and economical advice and make the necessary arrangements for businesses dealing with the Chamber, assisting in the financing of their activities, thus working to enhance business environment in the emirate of Ajman. This is in addition to the facilities of trade finance collection of documents, integrated cash management, currency exchange, and all other Islamic banking services that it provides.

 

Ali Essa Al Shaqoosh Al Mueen, Acting CEO of the Ajman Bank, on the signing of the agreement said the following: "Through the new alliance we aim to provide full support to the local community and small and medium-sized projects in the Emirate of Ajman. Our provision of support will include in addition to banking solutions, training and technical support in the areas of marketing, finance and planning, assistance in sourcing capital, as well as the preparation of economic feasibility studies. Support will be provided through collaboration with organizations such as educational establishments and in accordance with the principles of Shariah law."

 

He went on to add that "We hope to strengthen the business environment in the Emirate of Ajman and contribute to the achievement of sustainable development through supporting the local community and emerging young nationals in establishing new projects and expand existing ones, providing them with the expertise and financial support through the partnership."

Mr. Obaid Ali Al Muhairi, Chairman of the Board of the Ajman Chamber of Commerce and Industry commented: "The strategic alliance between the two parties aims to meet the long-term needs of the citizens and business community of Ajman. The agreement facilitates cooperation to support all businesses from low-income start out companies to mature companies and medium-sized family businesses. Solution can be designed by the bank to meet the enterprises every need, with capital solutions offered to deal with debt, through the establishment of specialized centers to provide more efficient services. "