Ajman Bank, the Emirate's first Islamic commercial bank, was officially opened today at a formal ceremony led by HH Sheikh Humaid bin Rashid Al Nuaimi, the Ruler of Ajman. Attended by HH Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank, Deputy Chairman, HH Sheikh Ahmed bin Humaid Al Nuaimi, board member HH Sheikh Rashid bin Humaid Al Nuaimi and HH Sheikh Abdulaziz Bin Humaid Al Nuaimi, Chairman of the Department of Culture and Information for Ajman Government, the ribbon cutting was conducted before invited guests, board members and senior management to publicly celebrate the start of operations for both the Bank and its branch. The flagship branch, which announced its inaugural account openings in December last year, represents the retail side of Ajman Bank while corporate banking activity has been underway behind the scenes over the past six months.

 

During the opening, guests were invited to enjoy Ajman Bank's hospitality at a majlis erected especially for the occasion, followed by a tour of the branch itself which is now open for business. Guests were encouraged to experience the branch and its brand, which have been designed to reflect a sense of warmth, openness and Ajman Bank's ambition to bring back the ‘human touch' that has been lost in modern banking.

 

Commenting on the Bank's official launch, Ajman Bank Chairman HH Sheikh Ammar bin Humaid Al Nuaimi said, "When we developed the vision for this bank, we wanted to create not just another financial institution, but a place where all customers, from individuals and families to small businesses and large companies could feel secure in the knowledge that their future is being safe guarded by a team that cares. Although we are just at the start of our journey to success, the team and I know that we will be able to achieve this ambition, in spite of the challenges we all face today. This official opening is a momentous day for all involved, representing the culmination of months of hard work and dedication by board members, senior management and the wider team and we look forward to watching our new bank, and indeed our emirate, learn, grow and succeed."

In response to current economic challenges Ajman Bank will draw upon the knowledge and expertise in the community and use this insight to develop differentiated banking solutions, in compliance with Shariah principles. Relationship banking, a central feature of community banking, will also be a core focus for the Bank, adding value by encouraging ongoing personal interaction with customers, interactions that improve the flow of information and allow for more customized services.

 

Yousif Khalaf, CEO of Ajman Bank commented, "Today, we need retail and corporate customers that do well, save sufficiently and grow sustainably, making a closer relationship banking approach favorable to more anonymous transactional banking. From the very beginning, we have wanted to create strong relationships, make our customers feel part of our business and our community banking approach fits perfectly with this."

 

Khalaf added, "This year we will be looking to make strategic alliances and partnerships a core part of our development activities. This will cover our shareholders, customers, employees, and all surrounding communities in which we will operate, starting with Ajman and steadily reaching out across all the other Emirates. We want to work with likeminded organizations, to help each other grow, learn and better ourselves for the benefit of the bank, our customers and our shareholders."

 

In the spirit of community banking, Ajman Bank will be developing close ties with local business communities, industry and the chambers of commerce as well as supporting local charities and social needs as part of their CSR program. As a first step towards achieving this goal, Ajman's businesses and residents as well as the friends and families of employees were invited to enjoy Ajman Bank's hospitality following the morning's ceremony. It is hoped that in joining the team in the majlis, the community will be able toget to know the Bank's employees on a more personal level in order to kick-start relationships which are hoped to last well into the future, benefiting both the customers and the shareholders.

In terms of social care, Ajman Bank made a unique gesture during the celebratory event by making offers of charitable donations on behalf of all guests in the place of conventional gifts in order to help those in need. The Ajman Bank team, who strongly believe in the power of corporate social responsibility, expect to see these kinds of activities become a regular feature in their strategy and outreach.

 

Plans remain on track for further branches to be opened in Sharjah, Dubai and Abu Dhabi every quarter in 2009 and a second branch is set to open in Ajman later this month. While senior management will be closely monitoring the emerging market dynamics, the team remains confident that their growth strategy will position both Ajman Bank and the Emirate well for the future.