Ajman, 22^nd December, 2008:  HH Sheikh Humaid bin Rashid Al Nuaimi, the Ruler of Ajman yesterday became the inaugural account holder with the emirate's first Islamic commercial bank, Ajman Bank, along with HH Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank. Deputy Chairman, HH Sheikh Ahmed bin Humaid Al Nuaimi, Ajman Bank board member HH Sheikh Rashid bin Humaid Al Nuaimi and HH Sheikh Abdulaziz Bin Humaid Al Nuaimi, Chairman of the Department of Culture and Information-Ajman Government where also among the top VIPs who opened their new accounts during a visit to the new branch this week. 

 Board members have completed all formalities for account opening for the Bank's records during the visit before being presented their personal debit cards and cheque books.  Once the doors were opened, the board was swiftly followed by many of the Bank's own employees, its management and numbers of local Ajmani residents looking to become part of this flagship branch.

 The branch visit was preceded by a board meeting held earlier this week where expansion plans and product and service ranges were given final approval.  In terms of retail banking, Ajman Bank will be offering current, savings and deposit accounts in all major currencies from day one as well as credit cards and murabaha personal finance, in compliance with shariah principles.  Later additions to the range expected to be available in 2009, including home finance, enterprise banking and payroll management.

While ladies banking, internet and affluent banking services will be available early on, the propositions will be enhanced throughout 2009 to include advanced online and affluent banking, mobile and SMS banking as well as increasing numbers of off-site ATMs.  The ATMs will be positioned in key areas from shopping malls to business centers across the UAE.

 Speaking on behalf of the board, HH Sheikh Ammar bin Humaid Al Nuaimi said, "We are all very proud of the great progress that has been made by the Ajman Bank team on making this bank a reality.  It is a testament to their dedication, their experience and their drive that we have seen what began as a successful IPO become the tangible operation it is today, opening as planned.  This marks a milestone in Ajman's development as we move towards becoming a more established, recognized economy in the UAE and the region.  We are confident that Ajman Bank will play a significant role in supporting Ajman's ambitions and we are glad to become some of the first of its many future customers."

 Maruf Ahmed, Head of Retail Banking for Ajman Bank commented, "Our range of retail products and services has been designed to offer both banking essentials and specialist services to meet the varying needs of the customers in the market.  It is an honour to welcome Sheikh Ammar, Sheikh Ahmed, Sheikh Rashid and Sheikh Abdulaziz along with all other Ajman Bank board members as the first to experience our branch, our range of accounts and our top notch customer service team."

Confident in the success of forthcoming Ajman Bank operations, plans for further branches in Sharjah, Dubai and Abu Dhabi were also approved by the board for establishment in 2009.  Work is already underway and nearing completion on a second Ajman branch which is expected to open in January of next year.  With regards to the rest of the country, expansion plans dictate that at least one branch will be launched per quarter in major markets across the UAE markets. While Ajman Bank's management will be closely monitoring current market uncertainty, the Board's belief in the UAE's economic position and potential means that plans laid out for 2009 are expected to remain largely unaffected.

Ajman Bank CEO Yousif Khalaf added, "With our board's approval, we are now in a position to bring a wide range of value-driven banking services to our new customers, opening the doors to the next stage of our development.  Our retail teams are very excited about accepting Ajman Bank's first accounts and putting their customer service expertise and training into action."  

 Speaking about their expansion plans Khalaf went on to explain, "We have taken a very realistic approach to our expansion in the UAE.  We feel confident that there is space in the market for us to grow, without spreading ourselves too thinly.  Our aim is to take open at least one new branch in a new city per quarter, integrating ourselves steadily into the local market.  Of course we will have to vigilant given current circumstances, but we do expect market growth and want to be there as it happens."

 Whilst visiting the new branch, the board members were given the opportunity to feel the warmth that characterizes the new brand.  As an organization, Ajman Bank has striven to bring back the human touch previously lost in banking, incorporating a refreshment area in the branch and using warm shades of orange to inspire a sense of happiness and comfort.  Visitors to the branch felt a strong sense of the brand essence in every corner of the retail space, from in branch merchandising to layout and lighting.  This sense of the personal relationship is also imbued in the Bank's approach to corporate affairs and external relations.

Said Wafai, Head of Strategic Corporate Affairs, commented, "We have brought warmth and a sense of personal relationships to our team and to our branch.  We apply this unique way of working to all our activities from establishing our organizational strategies and marketing communications to our business development approach and all important staff training, all within the framework of our brand guidelines which direct the culture and personality of our growing organization.  In 2009 we will also be taking this sentiment further, making the creation of strategic alliances and partnerships a core part of our development activities in order to create sustainable, strong relationships for the benefit of all parties.  This will cover our shareholders, customers, employees, and all surrounding communities in which we will operate, starting with Ajman and steadily reaching out across all other emirates.  We want to work with like minded organizations, to help each other grow, learn and better ourselves for the future to come."