Ajman Bank Named Fastest Growing Bank In The UAE

Ajman Bank announced that it has been awarded the title of ‘Fastest Growing Bank’ in the UAE on the much coveted Banker Middle East Industry Awards 2012. The Banker Middle East Industry Awards recognize the best performing institutions across the Middle East and North Africa and are widely considered as a benchmark of excellence in the industry.

The award was based on the quantitative analysis of 14 key measures such as assets, liabilities, total income, net attributable profit and return on assets, collating data on real size, real growth, and percentage growth to identify the region’s leading financial institutions.

The accolade was presented to Mohamed Amiri, the Bank’s Acting Chief Executive Officer, at a special awards ceremony held in Dubai on 12th June.

Mohamed Amiri commented on the winning: “We are very pleased to receive this award, which was given based on Ajman Bank’s robust financial results. The winning reinforces Ajman Bank’s leading position on the Islamic Banking front and proves the Bank’s resilience and continued excellent performance since its inception in 2009.” He also stated: “Our profitable outlook has always been coupled with an effective risk management policy, which has been a vital component of our Bank’s overall strategy and has allowed us to both maintain consistency in our business model and support sustainable growth. Our objective is to strive to consistently provide our customers with best-in-class Islamic banking advice, products, and services and to build a successful banking franchise through the efficient delivery of optimal solutions to our clients.”

The award follows Ajman Bank’s reporting of a 75% increase in net profit for the year ended 31 December 2011.

Ajman Bank had recently won several accolades including ‘Best Islamic Bank’ by the Arab Achievement Awards, ‘Best Customer Loyalty Program’ by the Banker Middle East, ‘Best Syndicated Deal’ by Islamic Finance News (IFN), ‘Best Branding’ by Islamic Banking and Finance, ‘Best Website Structure’ by the UAE Web Awards, ‘Best Home Finance Product 2011’ by the Banker Middle East, and “Best Small Bank” at the 2011 Bank Benchmark Index Awards, among others.

In a challenging financial environment, Ajman Bank maintained earnings momentum recording a breakthrough performance for the first quarter of the current year with a 154% increase in net profit recorded by the end of March 2012, compared to the same period in 2011.

Press Release