Noor Bank leads Syndicate Facility  

 for Ajman Bank 

Dubai-UAE: 23 March, 2015 –. Noor Bank PJSC has successfully arranged a USD 155 million Syndicated Islamic Financing Facility for Ajman Bank. The syndicated facility, which shall be utilized towards general corporate purposes, is expected to augment Ajman Bank’s ambitious business plans. The Shari’a compliant facility consists of a hybrid Murabaha / Wakala structure with a two-year tenor.

Noor Bank, one of the leading Islamic banks in the UAE, acted as the Sole Arranger and Bookrunner, while Emirates Islamic Bank, First Gulf Bank, United Arab Bank and Warba Bank participated in the transaction.

Mr. Hussain Al Qemzi, CEO of Noor Bank and Group CEO of Noor Investment Group, commented: “2014 was a defining year for Noor Bank in which we lead managed more than USD 9.7 Billion of capital market issuances across Europe, Middle East and Asia. This momentum has further continued into 2015 with the closing of Ajman Bank’s facility. We are delighted to work with Ajman Bank on such a landmark transaction and look forward to further strengthening our ties with them.”

Commenting on the facility, Mr. Mohamed Amiri, CEO of Ajman Bank, said, “This syndicated facility marks a momentous milestone in our relationship with Noor Bank and the participant banks. With a successful year behind us and a promising one ahead, we are committed to working closely with domestic and regional banks to reinforce the market confidence reposed in Ajman Bank.”

Mr. Akram Khan, EVP & Group Head of Wholesale Banking, noted, “We are at a significant stage of our growth trajectory and the proceeds of this syndicated facility will further fuel our asset growth”.

About Noor Bank

Noor Bank began operations, in Dubai, in 2008, as Noor Islamic Bank. It is a full service bank delivering the broadest range of products for its customers, with an emphasis on unique and personalized services. Noor Bank’s products and services are governed by a Shari’a board, comprising leading Islamic scholars with extensive experience and expertise in legal, financial and banking-related matters. Noor Bank is 95% owned by Noor Investment Group and 5%  by Emirates Investment Authority.  Noor Investment Group is 25% owned by Dubai government related entities and 75% by members of the UAE ruling families and prominent individuals in the business community. For further details, please visit: www.noorbank.com or call 800 6667.

About Ajman Bank

Ajman Bank PJSC is a Shari’a based Islamic bank incorporated and headquartered in the Emirate of Ajman. The Company was listed on Dubai Financial Market in February 2008 through an IPO which was oversubscribed by more than 85 times. The Company is actively supported by the Government of Ajman, as a majority shareholder, which holds 25% of its shares. The Company started with a paid up capital of AED 1 Billion and currently operates 11 branches spanning across the UAE.

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