Ajman, UAE

Islamic Banking

SHUAA Capital acquires 4.8 per cent stake in Ajman Bank

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Wednesday 28, November 2018 BY WILLIAM MULLALLY

SHUAA Capital announced it now holds a 4.8 per cent stake in the Shari'ah-compliant Ajman Bank at a deal worth AED 100 million, following the closure of the bank’s rights issue. O

"One of the leading Sharia’h compliant UAE based banks, Ajman Bank has maintained a continuous growth trajectory since inception and boasts an active network of services combined with healthy customer outreach programs," said SHUAA in a statement.

In July 2018, Fitch Ratings (“Fitch”) assigned the bank a Long-Term Issuer Default Rating (IDR) of BBB+’ with a stable outlook. Fitch also affirmed its short-term credit rating at F2. 

"Ajman Bank combines a strong franchise blended with an active growth strategy which we at SHUAA admire. We believe the bank is well positioned to continue to provide shareholder value, and fully endorse the strategic vision of the bank’s Board and management. We also look forward to building a closer relationship with them and exploring synergies between our respective platforms," Fawad Tariq-Khan, Chief Executive of SHUAA said.

TAGS : Ajman, Ajman Bank, SHUAA

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