The public offer of 550 million ordinary shares of Ajman Bank (under formation) will close tomorrow (February 27).
 
The shares are priced at Dh1 each ($0.27) with a minimum subscription of 2,000 shares and the offer is open to UAE and non-UAE investors, said a bank official. Upon completion of the Offer, Ajman Bank's shares will be listed on the Dubai Financial Market (DFM). 

Subscription forms and the prospectus are still available from the following banks: Abu Dhabi Islamic Bank, Dubai Islamic Bank; Emirates Islamic Bank, Noor Islamic Bank, Dubai Bank and Sharjah Islamic Bank. The prospectus is also available for download from www.ajmanbank.net

Ajman Bank will be the first Shariah bank incorporated and headquartered in the Emirate of Ajman and it intends to become the favourite financial services brand in the UAE and the GCC region.

The bank’s strategy is to target the rapidly expanding Shariah financial services market with innovative products and services, designed to meet customers’ needs, supported with outstanding levels of customer service.

“The public offer of Ajman Bank shares is an important step in the development of not only the bank but also of Ajman.  By creating a new way of doing business with banking customers, Ajman Bank will not only differentiate itself in the financial services market, it will also help to drive the economic and commercial development of Ajman.  This in turn will support the overall development of the UAE as well as creating long-term value for investors and shareholders,” said Crown Prince of Ajman and chairman of Ajman Bank Shaikh Ammar bin Humaid Al Nuaimi.
  
“Our vision is to become the UAE's favourite financial services brand.  The Public Offer is but the first step in realizing this vision.  With the support of current investors, who include the Government of Ajman, we aim to change the way financial services are offered in the UAE, and ultimately, the GCC market,” said CEO of Ajman Bank Yousif Khalaf.

HSBC Middle East is acting as financial advisor and lead manager to the bank. – TradeArabia News Service