Ajman, UAE; March 6, 2012: Ajman Bank announced today that it has won ‘Best Syndicated Deal’ on the much coveted Islamic Finance News (IFN) Awards 2012.
The accolade was presented to Akram Khan, Group Head of Corporate Banking during the IFN Awards Ceremony held in Dubai on 29th February.
Established in 2005, the ‘Islamic Finance News Awards’ honors the best in the Islamic financial industry. It is one of the most prestigious awards, highly recognized by the global Islamic capital markets and seen as the industry’s leading and most comprehensive annual poll.
“Once again, Ajman Bank has been recognized for its achievements. We are now consistently ranking among the top Islamic financial institutions. Winning this award reinforces our leading position in the Islamic Finance market and boosts our reputation as an award winning Islamic Bank,” stated Mohamed Amiri, the Bank’s Acting Chief Executive Officer.
The Award pertained to a Senior Secured Ijara Term Facility offered to ENPI Group for AED 250 mio, where Ajman Bank participated as an arranger. The 5 year tenor syndicated facility was utilized by ENPI Group to construct a new plant in the Industrial City of Abu Dhabi and upgrade existing production facilities in Sharjah.
Akram Khan, Ajman Bank’s Group Head of Corporate Banking commented: “Ajman Bank is pleased to play a major role in this Syndicated Ijara Facility. We are keen to be associated with ENPI Group and to support major projects expected to drive economic development in the UAE.”
The Syndicated Deal Award was the latest accolade won by Ajman Bank, following the Islamic Bank’s winning of ‘Best Branding’ by Islamic Banking and Finance, ‘Best Home Finance Product 2011’ by the Banker Middle East, and “Best Small Bank” at the 2011 Bank Benchmark Index Awards, among others.
In 2011, Ajman Bank launched its Mahra Ladies Banking Division and opened four new branches, namely in Ajman (Masfoot and China Mall), Dubai (Jumeirah), and Al Ain (Al Ain Mall). The Bank is also planning to launch its Affluent Banking services in 2012.
In a challenging financial environment, Ajman Bank maintained earnings momentum recording net profit growth of 75 per cent for the year ended 31 December 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.
About ENPI Group:
MENA region's leading plastics manufacturers with a diverse customer base and diversified product range from food packaging solutions to security technology solutions. The company has operations in many countries in Europe, Africa and the Middle East and employs more than 1200 staff.
