Signed a Bilateral Financing Facility of AED 180 Million

for Marka Sports LLC 

Ajman, UAE; 27, April 2015:Ajman Bank, the award-winning Islamic financial services institution committed to transforming the experience of Islamic banking, announced the signing of a Bilateral Financing Facility of AED 180 Million for Marka Sports LLC (a SPV under the majority ownership of Marka P.J.S.C)

The proceeds of the Sharia-compliant facility would be utilized by Marka Sports LLC for acquisition of the company i.e. Retailcorp UAE LLC – a leading sports goods retailer in the UAE, which is geared towards a period of strong growth and profitability. The facility to Marka Sports LLC evidences the evolving strategic working relationships amongst Marka Sports LLC and Ajman Bank.

The Financing Facility was followed by a ceremony in Marka Corporate Office – Park Place Towers – Dubai in which the following members have attended; H.E. Jamal Mohammad. Matar AlHai, Chairman Marka P.J.S.C, Mr. Mohamed Amiri - Ajman Bank’s CEO, Mr. Khaled Salem Musabeh Humaid AlMheiri, Mr. Akram Khan – Ajman Bank’s Group Head, Wholesale Banking and Mr. Amer Al Ameri – Ajman Bank’s GM Business Development.

Commenting on the occasion, Mr. Mohamed Amiri, CEO of Ajman Bank, said: “Ajman Bank is pleased to contribute towards the development of the UAE retail sector by financing the acquisition planned by Marka Sports LLC. Retailing is increasingly becoming an important growth driver in the UAE economy and Ajman Bank wants to play a constructive role in this segment by partnering with reputable Emirati listed companies like Marka P.J.S.C.”

About Ajman Bank:

  Ajman Bank is a young, agile Islamic commercial bank built on the values of integrity, trust and transparency. The bank provides a wide range of value-driven banking services in the UAE for individual, business and government clients, all in compliance with Shariah principles. Ajman Bank seeks out the market’s best products, people and technology in order to deliver what customers want, how they want it, delivering real value and recreating that human touch lost in modern banking.

Headquartered in Ajman and strongly supported by its government, Ajman Bank is the keystone of the emirate’s economic development strategy and is in a position to benefit from its growth and potential like no other. Ajman Bank is committed to becoming a sustainable organization in its truest sense, balancing care for the community and employees with the business of delivering value to its shareholders and customers.