Ajman Bank, the emirate’s first Islamic commercial bank, has joined as a 'lead manager' in a syndication financing guaranteed by Zain, one of the world’s largest telecommunication companies.

The $360 million deal was arranged by Citigroup, and closed in July. Ajman Bank joined the deal at a later stage as a 'lead manager' with a participation of $18.5 million in the Islamic tranche.

The participation is in line with the bank’s core strategy and plans to expand operations across all business sectors in the UAE and the region. The bank is set on building quality assets through strategic relationships with successful blue chip companies like Zain that enjoy a solid position in the market, strong track record, and viable financials.

Ajman Bank believe the telecommunication sector is a promising sector in the region and had proven to be more sustainable than other sectors especially during challenging market dynamics.

“We are very selective in picking up the right opportunities and in tying up with reputable names within Ajman Bank’s overall risk appetite. We want to ensure we maximize our shareholders’ expectations and strengthen confidence in Ajman Bank,” stated Ali E Alshaqoosh Al Mueen, acting chief of Ajman Bank.-TradeArabia News Service