The move comes as part of the bank’s commitment to further support the growth of the booming real estate sector in the country and, following the Bank’s signing of an MOU with Sheikh Zayed Housing Programme in August earlier this year, is also aimed to address the housing needs of customers and families in the UAE to acquire their dream homes at most affordable rates.

Ajman Bank’s new Shari’ah compliant offer is available for UAE Nationals and Residents, with finance amounts up to  AED 5 mio. The scheme provides up to 90% of the property cost for UAE Nationals and up to 85% for Expatriates. Repayment periods can be extended up to 25 years under flexible conditions.

Mohamed Amiri, Acting Chief Executive Officer, Ajman Bank, said: “Our new offer is meant to support the economic growth in the country, particularly the exceptional real estate boom which is currently being witnessed. It is in line with the ambitious plans of the bank to enhance its banking and financial services to individual clients. We are aiming at achieving these objectives through our home finance schemes in the UAE, which are designed to facilitate our clients to possess the home of their dreams.”

Salem Al Shamsi, the Bank’s Acting Head of Retail, commented: “We have considerably enhanced our home finance products in order to meet the growing demand for properties among our customers and prospects. Our offering is marked by flexible terms and conditions, coupled with an exclusive and unbeatable profit rate to support our clients and grow our market share.”

Ajman Bank started its operations in 2009. It now operates with 12 branches spread across the Emirates.

In a challenging financial environment, Ajman Bank maintained earnings momentum recording a breakthrough performance for the third quarter of the current year with a 623% increase in net profit recorded by the end of September 2012, compared to the same period in 2011.

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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.