His Highness Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Board of Ajman Bank, chaired the bank’s board meeting, and attended by Sheikh Rashid bin Humaid Al Nuaimi, Chairman of the Municipality and Planning Department of Ajman and Vice Chairman of the Bank’s Board.

During the meeting held at the bank’s headquarters, the board discussed several financial and administrative matters, reviewed routine business activities, and issued its decisions accordingly.

Ajman Bank delivers all time highest record 9M’24 “Profit before Tax” of AED 313 million compared to net loss of AED 87 million in 9M’23 and 9M’24. This strong performance is on the back of a 9% increase in total operating income to AED 1.2 billion (vs AED 1.1 billion in the corresponding period of 2023), and net operating income of AED 616 million. For 9M 2024 the Return on shareholder Equity (annualized) and Return on Asset (annualized) were reported, at 12.8% (up by 1,669 bps) and 1.6% (up by 205 bps) respectively.

The strong results are supported by a healthy balance sheet with Total Assets of AED 24.4 billion, Customer deposits of AED 20.3 billion and AED 3.0 billion of Equity. Capital position and Asset quality continue to show strong improvement from the previous year as well as on a quarter-by-quarter basis. 

His Highness Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, Chairman of Ajman Bank, said, “Ajman Bank’s remarkable Q3 performance is testament to the success of our strategic initiatives and the resilience of the UAE’s economic landscape. Our continued growth reflects our commitment to fostering economic development in Ajman and across the UAE, while maintaining our dedication to serving stakeholders with integrity and excellence. I would like to express my deepest gratitude to the Board of Directors, senior management, and all our employees for their exceptional hard work and unwavering support, which have been instrumental in driving our success.”

Mr. Mustafa Al Khalfawi, CEO of Ajman Bank, stated, “Our performance in Q3 2024 reflects Ajman Bank’s disciplined approach to growth, operational efficiency, and value creation. The consistent rise in operating income, profitability, and asset quality as well as reducing operating expenses by 6% is a direct result of our focus on Speed, Service, and Specialization, along with our unwavering commitment to innovation and customer-centric solutions, and focusing on remediating the distressed assets, resulting in strong recoveries. This success would not have been possible without the dedication and hard work of our entire team, whose efforts continue to drive our achievements. As we move forward, we remain committed to building long-term value for our shareholders, while reinforcing our position as a key player in the UAE’s Islamic banking sector. Our strategic initiatives will continue to prioritize sustainable growth, driven by advanced financial services that meet the evolving needs of our customers.”

Following on from its strong performance Ajman Bank’s Capital adequacy ratio increased to 19.5% (up by 389 bps) and Tier 1 Capital Ratio increased to 18.4% (up by 389 bps), and which remain well above regulatory requirements. Advance to stable resources ratio of 75.6%, and eligible liquid asset ratio of 24.2%, underline its solid liquidity and along with the capital position provide a strong foundation for continued growth. Ajman Bank’s non-performing financing ratio improved to 10.6% in Q3 2024 (from 13.8% 2023 year-end), supported by remediation of over 28% of non-performing exposure.

Strong and further improving financial standing, continued impetus in its transformation strategy and a robust UAE economy should ensure that the bank is well-positioned to sustain its growth trajectory and deliver consistent profitability for FY 2024 and beyond.

Ambassador Faisal Niaz Tirmizi met HE. Dr. Abdulrahman Abdulmannan Al Awar, Minister of Human Resources and Emiratisation

Ambassador Faisal Niaz Tirmizi, Pakistan’s Envoy to United Arab Emirates held a meeting with HE. Dr. Abdulrahman Abdulmannan Al Awar, Minister of Human Resources and Emiratisation at the Ministry of Human Resources and Emiratisation (MOHRE) in Dubai.

Ambassador Tirmizi conveyed regards and gratitude on behalf of Federal Minister for Overseas Pakistanis and Human Resource Development, Chaudhry Salik Hussain to HE. Dr. Abdulrahman Abdulmannan Al Awar.

The meeting focussed on issues of mutual interests especially those pertaining to Pakistani diaspora working in multiple sectors in UAE. Ambassador Tirmizi lauded and thanked the leadership of UAE for reposing great trust in Pakistan as a brotherly and friendly country. He appreciated the government and people of UAE for hosting about 1.7 million Pakistanis who are supporting their families and country by sending remittances back home.

Both sides underlined the significant role played by Pakistanis in the development of UAE and the tremendous potential and opportunities for further enhancing bilateral cooperation in various fields. In view to facilitate Pakistanis seeking jobs in UAE, the meeting focussed on enhancing mutual collaboration aiming efficiency in visas processing, screening, documents attestation, etc.

Minister of Human Resources and Emiratisation offered all possible assistance in streamlining the visas aligned services, especially sharing the best technological practices minimizing human interactions and ensuring transparency. He said that Pakistanis will continue to play their role in the progress of UAE and both sides will work together to mitigate the challenges, if any.

Ambassador Tirmizi also discussed health insurance for Pakistani workers, and it was agreed that both sides will work closely to address related issues and encourage workers to opt for health insurance schemes.

The meeting was also attended by senior officials from both sides.

Dubai, October 2024: H.E. Faisal Niaz Tirmizi, Pakistan’s Ambassador to the United Arab Emirates (UAE), inaugurated the Pakistan Pavilion at GITEX Global 2024 today at the Dubai World Trade Centre. In his remarks, Ambassador Tirmizi expressed his pride in GITEX Global’s recognition of Pakistan as the “Tech Destination of the Year 2024,” a recognition of the country’s impressive advancements in IT-related services and products.

Consul General Hussain Muhammad, Trade & Investment Counsellor Ali Zeb Khan and senior government officials from Pakistan were also present on the occasion.

Ambassador Tirmizi highlighted the substantial growth of Pakistan’s IT exports to the UAE, which have risen by 34%, reaching $265 million. He also noted that Pakistan’s global IT exports now exceed $3.2 billion, with the potential for continued growth.

The Ambassador acknowledged the collaborative efforts of the Ministry of Information Technology and Telecommunication (MoITT), Pakistan Software Export Board (PSEB), Pakistan Software Houses Association (PASHA), and the Special Investment Facilitation Council (SIFC) in organizing and showcasing Pakistan’s IT industry at the exhibition. “Their joint efforts have made it possible for Pakistan to present its full spectrum of capabilities at GITEX Global, the world’s largest IT exhibition”, highlighted Mr. Tirmizi.

Ambassador Tirmizi also commended the leadership of Prime Minister Muhammad Shehbaz Sharif and Minister of State for IT & Telecommunication, Ms. Shaza Fatima Khawaja, for their vision in driving the country’s IT sector forward. “Pakistan, with the third-largest English-speaking population and the second-largest provider of freelance IT services globally, is uniquely positioned to expand its IT exports”, underlined Mr. Tirmizi.

Ambassador Tirmizi encouraged business leaders and IT professionals to visit the Pakistan Pavilion, where 24 exhibitors are showcasing innovative technologies and services. He emphasized that GITEX Global provides an unparalleled opportunity for Pakistani IT experts to connect with their global counterparts and explore potential collaborations.