Ajman Bank continues to develop corporate offering signing new Ministry of Finance agreement

The agreement will ensure that Ajman Bank, will be able to electronically issue the bank guarantee letters required by the Ministry of Labor and Social Affairs, streamlining employment administration for the bank's growing corporate client base.

The signing was attended by representatives from both Ajman Bank and the Ministry of Finance with Hesham Mohamed Youssef, Ajman Bank's Head of Corporate and Institutional Banking Division and Faisal Ali Al-Mansouri, the Ministry of Finance's Head of Revenue Department signing on behalf of their respective organisations.

Also in attendance were Ajman Bank's Kamran Khalil, Head of Centralised Operations and Taymour Al Shishani, Head of Trade and Corporate Structured Finance and Khawla Mohammed and the Ministry's Samir Mattar Attalla, Chief Accountant, Imad Ahmed Abdal Wahab, Projects Management Consultant and Mona Ali Almulla, Tech Support Supervisor.

The e-dirham system, launched by the Ministry of Finance in 2001, has now supported the joint e-registration web-based solution with the Ministry of Labor and Social Affair for almost six years.

Following the signing of the agreement and a formal letter from Ajman Bank, Smart Vision, a subsidiary of the Ministry of Finance, will provide the hardware and software required for the provision of electronic bank guarantees.

Hesham Mohamed Youssef, Ajman Bank's Head of Corporate and Institutional Banking commented on the agreement saying, "We are very pleased to be able to offer this service to companies and other organisations seeking to streamline employment administration with the support of the e-dirham system. At Ajman Bank we believe strongly in effective service, efficiency and harnessing technology to the benefit of our clients. With the e-dirham and bank guarantee e-registration agreement we now have a great way of making this happen, adding to our planned e-services portfolio, and look forward to seeing usage develop as our Bank grows in the market over the coming months and years."