Ajman Bank, the Emirate’s first Islamic commercial bank, has been awarded Best New Islamic Bank for 2009 by readers of Islamic Finance News (IFN).

Held annually, Ajman Bank beat the competition in the fifth Islamic Finance News Awards which collated votes from over 2,500 readers during a month-long poll.  Announced this month, this achievement comes as the new bank nears the end of a successful first year in operation.

The bank was assessed on a number of different operational divisions other than its overall performance as a bank. These included retail banking, with the acknowledgment of Ajman Bank launching a wide range of assets and liability products at the most competitive rates offered in the market and its success in winning the most creative design award by VISA for Ajman Bank's credit cards.

Investment banking and corporate banking achievements were also taken into consideration. In addition, the bank has been recognised for building strong relationships with semi-governmental and government-owned companies.

“I know that I speak for the whole team at Ajman Bank in saying that we are very proud to accept this award as Best New Islamic Bank,” said Ali E Alshaqoosh Al Mueen, deputy CEO for Ajman Bank.

“Developing a strong and stable operation in and outside Ajman was a key objective for us throughout 2009, an objective I am pleased to say we achieved. To now be acknowledged for this achievement by industry peers goes to highlight the continued effort and commitment shown by the Bank’s teams and its leadership,” he added. – TradeArabia News Service