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Ajman Bank holds Founding General Assembly Meeting

Ajman Bank PJSC ("Ajman Bank" or "the Bank") today announced that it recently held its Founding General Assembly meeting for shareholders of the company.

Convened on Wednesday 16 April, the shareholders approved all of the meeting’s resolutions including the completion of the incorporation of the Bank; the adoption of the Bank’s Memorandum and Articles of Association; the Founders’ report and the Pre IPO Auditing report.

The meeting also approved the appointment of the members of the first Board of Directors for a term of three years.

The Board of Directors comprises:
HH Sheikh Ammar bin Humaid bin Rashid Al Nuaimi, Chairman
HH Sheikh Ahmed bin Humaid bin Rashid Al Nuaimi, Vice Chairman
HH Sheikh Rashid bin Humaid bin Rashid Al Nuaimi, Member
Dr Ali Rashid Abdullah Al Nuaimi, Member
Mr Ali bin Abdullah Al Hamrani, Member
Mr Yousef Ali Fadil Bin Fadil, Member
Mr Salem Rashid Al Khadar, Member
The General Assembly approved the proposed candidates for Ajman Bank’s Shariah Board for a term of three years.

The Fatwa and Shariah Board comprises:
Dr Husain Hamid Hassan, the world renowned Islamic scholar who currently chairs the Shariah Supervisory Boards of some of the world’s leading Islamic financial institutions including Dubai Islamic Bank, Islamic Development Bank, Tamweel and AMLAK. He holds a PhD from the Faculty of Shariah at Al Azhar University, Cairo and two degrees in law from the International Institute of Comparative Law, University of New York and two degrees in Law and Economics from Cairo University.

Sheikh Mohammed Abdulrazaq Al Siddiq is a highly respected Islamic scholar and is currently a lecturer in Islamic Religion Studies at the University of Sharjah.

He also holds a number of significant public and education roles including: Chariman of the Afaq Centre for Research and Studies; Head of Sharjah’s Charity Fund; President of the Arabic Language Association and Head of Sharjah University’s law faculty. Sheikh Mohammed is currently studying for his PhD at Al Azhar University.

Dr Jassim Ali Al Shamsi is a dean of civil procedures law at the Shariah College as well as a senior advisor to the college.

Dr Jassim is also a legal advisor to the University of the United Arab Emirates.

PriceWaterhouseCoopers was appointed as Ajman Bank’s External Auditors by the Founding General Assembly.

HH Sheikh Ammar bin Humaid bin Rashid Al Nuaimi, Chairman of Ajman Bank, said, “Ajman Bank will be a significant force in the development of Ajman’s economy as well as the wider UAE economy as it pursues its strategy of offering an unparalleled level of customer service for Shariah based financial services in the UAE. The high level of interest we witnessed for the Bank’s IPO indicates the kind of value investors believe Ajman Bank can generate over the long-term. We look forward to the listing of our shares on the Dubai Financial Market next month and the planned commercial launch of our operations later in the year”.

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.