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Ajman Bank Reports 
Dh3 Million Profit in 2008

In its interim results, published on the Dubai Financial Market Web site, the bank declared income from investment in Islamic financing instruments at Dh50.627 million for the period from January 8, 2007 to December 31, 2008.

The bank, listed on Dubai bourse, said its total assets for the period stands at Dh1.021 billion while shareholders’ total equity is at around Dh1 billion. Earnings per share reached Dh0.003. The bank is planning a major expansion of its Islamic Banking operations, its chief executive officer Yousif Saleh Khalaf said. The bank aims to control six per cent market share of Islamic banking in the country and 50 per cent in Ajman over the next three years.

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 programme, the bank said.

Plans are also on track to launch new branches in Sharjah, Dubai and Abu Dhabi. A second branch is set to open in Ajman later this month. While the management will be closely monitoring the emerging market dynamics, the team remains confident that their growth strategy will position Ajman Bank well for the future.

· abdulbasit@khaleejtimes.com