This is surely a new beginning for the noted Shariah-compliant Ajman Bank. The bank is contriving to bring forth a real estate fund in order to pay money for assets towards the lower side in the UAE and this has been revealed by none other than its Deputy CEO.
Speaking to the press and media, Ali E Alshaqoosh Al Mueen, Deputy Chief Executive Officer of Ajman Bank, said the bank is on the verge of getting essential endorsement to launch a real estate fund from the regulatory body. In accordance with him, there were good opportunities in property sector towards the lower side now. He said the size of the fund was not finalized yet and the bank will add seed capital to the fund. He did also state that the bank will concentrate on financing in the domestic market as it considers the UAE as a safer and high-potential market when it comes to returns.
Ali E Alshaqoosh Al Mueen stated, “We reset our strategy recently and will focus more on the domestic market. Even though a few deals have been made overseas, we feel opportunities in the local market are more secure and rewarding than going overseas.”
Before I go, let’s share some info on Ajman Bank. Ajman Bank is located in the Emirate of Ajman and intends to have a branch network spread across the UAE with the first two branches in the Emirate of Ajman already in full operations, offering its range of innovative products and services. On the word of bank officials, Ajman Bank will also proffer customized products, with its product range, proposed to meet a variety of customers’ needs. Ajman Bank Shariah compliant products are structured using Islamic financing techniques, among others: Mudarabah, Ijarah, Musharakh, and Istisna’a.
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