Fitch Ratings assigned Ajman Bank rating at ‘BBB+’ with stable outlook

Fitch Ratings (Fitch Ratings), one of the world’s leading credit rating agencies, has assigned Ajman Bank (Ajman) a Long-Term Issuer Default Rating (IDR) of ‘BBB+’ with a stable outlook. Fitch also affirmed its short-term credit rating at F2.

Commenting on Fitch Ratings, Ajman Bank Chief Executive Officer, Mohamed Amiri said, “We are delighted on the positive result of the review that supports Ajman Bank’s credit rating as it builds on the progress made by the bank over the past period. He commended the strong financial performance of Ajman Bank and the Bank’s keenness to develop diversification policies and build value added by meeting the needs of customers and shareholders. Ajman Bank’s stability will enhance customer confidence and encourage further efforts to enhance retail and corporate banking, and develop new investment products and banking services”.

He further added, “Ajman Bank continues to achieve long-term vision to become a leading banking brand for the UAE’s preferred financial services initially and in the rest of the GCC at a later stage. This vision will enable us to provide sustainable value to our shareholders and high-level services to our clients and will enable us to play a distinct role in the development of Ajman economy and the economy of UAE in general.”

He finally stated “I would like to express our sincere appreciation for the great support of His Highness Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank, and I extend my sincere thanks to all members of the Board of Directors, Directors and employees for their outstanding performance during this important phase in the development of Ajman Bank.”

Ajman Bank is an Islamic bank with an ambitious vision based on values ​​of integrity, trust and transparency seeks to provide a wide range of Sharia-compliant and high quality banking services to customers from individuals, companies and government institutions across the UAE. It is also keen to be updated with the latest technology that will ensure customers a distinctive experimental banking with the revival of human touch that is lost in the modern era of banking application.

Ajman Bank is headquartered in Ajman and enjoys the strong support of the Government of Ajman and is a key pillar in the emirate’s economic development strategy. The bank continues its tireless efforts to establish a prominent position in the banking sector as a sustainable Islamic banking institution, with an emphasis on the need to achieve an optimal balance in the community and caring staff, in order to provide real value for shareholders and customers alike.