Bank of Ajman
- Founded
- 2007-01-01 in Ajman, United Arab Emirates
- Headquarters
- Ajman, United Arab Emirates
Ajman Bank (Ajman Bank PJSC) is the first Islamic bank incorporated in the Emirate of Ajman, United Arab Emirates. Established in 2007, it began operations in 2009 and is listed on the Dubai Financial Market (DFM) since February 2008. The bank operates in full compliance with Shari’ah principles, providing a comprehensive range of value-driven banking and financial services to individuals, businesses, and government institutions. The Government of Ajman holds a 25% stake, underscoring its strategic role in the emirate’s economic development. Headquartered in Ajman, the bank has expanded its branch and ATM network across the UAE. Ajman Bank has received multiple awards for its pioneering Emiratisation efforts and commitment to sustainable banking. Its product portfolio includes current and savings accounts, personal and business financing, premium credit cards, digital banking services, and a loyalty program called More Rewards. The bank has recently accelerated its digital transformation through strategic partnerships, including a retail super app launch with Codebase Technologies, a core banking system upgrade, and the introduction of co-branded POS and real-time settlement platforms. With strong financial performance—reporting AED 266 million in profit before tax for H1 2025 (14% growth year-on-year) and total assets of AED 26.6 billion—Ajman Bank continues to solidify its position as a leading Islamic financial institution in the UAE.
Detailed Review
Business Model
Ajman Bank is a Shari’ah-compliant commercial bank that has grown from a two-branch startup into a prominent UAE financial player. Its business model centers on ethical Islamic finance, avoiding interest (riba) and speculation, and offering products based on profit-sharing (Mudarabah), leasing (Ijarah), and cost-plus (Murabahah) structures.
Segments and Products
The bank serves three main segments: Retail Banking (personal accounts, financing, credit cards, mortgages, digital banking), Wholesale Banking (corporate financing, trade finance, treasury services), and Government & Institutional Banking. Its digital ecosystem includes a revamped online banking platform with a "minimum clicks" approach, a retail super app for mobile-first customers, and a "Digital Extension" service enabling remote issuance of IBAN certificates, bank statements, and clearance letters.
Technology Transformation
Recent technology milestones (2024-2025) include a core banking system upgrade to enhance processing efficiency, a partnership with Codebase Technologies for the super app, and the appointment of Dr. Joseph George as Chief Technology Officer (effective February 2026) to lead core modernisation, cybersecurity, and AI-enabled transformation. The bank also issued a global Sukuk and launched co-branded POS and real-time settlement platforms, reflecting growing confidence in its trajectory.
Governance and Leadership
Ajman Bank is governed by a Board of Directors chaired by H.H. Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman. The executive management team, led by CEO Mustafa Al Khalfawi, includes experienced professionals covering operations, finance, risk, credit, compliance, HR, communications, customer experience, and technology. The bank emphasises Emiratisation, having won the UAE Emiratisation Award and GCC Nationalization Award.
Financial Performance
Financially, as of H1 2025, the bank reported strong momentum: profit before tax of AED 266 million (up 14%), total assets of AED 26.6 billion (17% growth), financing portfolio of AED 17.8 billion (16% growth), and customer deposits of AED 20 billion (11% growth). Its Capital Adequacy Ratio stood at 17.3% and Return on Equity improved to 15.6%, demonstrating robust capitalisation and profitability.
Key Strengths and Considerations
Key strength: Focused Shari’ah-compliant model with strong government backing, advancing digital agenda, and consistent financial growth. Potential considerations: Concentrated geographic exposure in the UAE; NPL ratio of 8.6% (though improving).
Key Products
Accounts
Current and savings accounts with digital tools and rewards.
Personal Finance
Shari’ah-compliant personal financing for various needs.
Credit Cards
Premium cashback cards (e.g., Elite cards).
More Rewards
Loyalty program: Earn points for banking transactions.
Digital Banking
Online and mobile banking platforms, including a retail super app (launched 2025).
Digital Extension Service
Remote issuance of IBAN, bank statements, clearance certificates.
Wholesale Banking
Corporate financing, trade finance, treasury.
Co-branded POS & Real-time Settlement Platform
Launched H1 2025.
Sukuk
Global Islamic bond issuance for capital raising.
Key Persons
- Sheikh Humaid bin Rashid Al Nuaimi III
Chairman of the Board
- Dr. Joseph George
Chief Technology Officer (CTO)