Financial Services
From The Report: Ajman 2025
View in Online Reader

Ajman’s financial sector is expanding with support from national economic policies and regional investor confidence. The emirate’s banks and financial institutions are exploring new services in Islamic finance, financial technology, and sustainable investing. Public listings and capital markets are gaining momentum, while regulators implement risk management tools to enhance system resilience. Emiratisation and digitalisation are also key focus areas, in line with national employment and innovation goals. Ajman’s financial services are increasingly aligned with environment, social and governance principles, and recent moves in digital banking reflect the emirate’s commitment to financial inclusion. Together, these developments are reinforcing its growing role in the UAE’s financial ecosystem.

Articles from this Chapter

Overview

Global reach: International asset growth reflects confidence in investment
OBG
plus

Ajman’s financial and insurance activities are a small but growing contributor to the emirate’s GDP, Rising from 3.5% in 2019 to 3.7% in 2023 and providing Dh1.3bn ($353.9m) to the overall economy. The emirate’s financial services sector is small compared to other emirates, such as Abu Dhabi and Dubai, with two banks headquartered in Ajman. However, their identity as Islamic banks may allow them to capitalise on growing social interest in more ethical and socially responsible financial options. Structure & Oversight The central bank of the UAE (CBUAE) is the main regulatory body for all banks operating in Ajman. By September 2024 there…

Interview

Sector strength: Mustafa Al Khalfawi, CEO, Ajman Bank, on strategies to mitigate risk and how sustainable initiatives are gaining traction
OBG
plus

Interview:Mustafa Al Khalfawi What factors drive growth in the banking industry? MUSTAFA AL KHALFAWI: Ajman’s banking sector is experiencing robust expansion, supported by a dynamic financial ecosystem and increasing economic opportunities. The industry’s profitability is driven by the adoption of Islamic banking, which is gaining momentum due to its ethical and sharia-compliant principles. Corporate clients, for example, benefit from ethical financing solutions that emphasise transparency,…

Interview

Innovative landscape: Christoph Koster, CEO, Ruya Bank, on recent developments within the sharia-compliant lending environment
OBG
plus

Interview: Christoph Koster To what extent is ethical consumerism underpinning the demand surge for Islamic banking? CHRISTOPH KOSTER: Ethical consumerism has emerged as a powerful force driving demand for Islamic banking. Younger consumers, in particular, increasingly align their financial decisions with values such as fairness, transparency, social responsibility, openness and honesty. These values resonate with the principles of Islamic finance, making it a natural fit for this demographic.…

Analysis

On the up: The macroeconomic climate is set to boost public offerings
OBG
plus

As governments in the region continue to push for privatisation, the GCC is set to see continued strong performance in initial public offerings (IPOs) in 2024. The total number of IPOs in the region decreased marginally from 48 in 2022 to 46 in 2023 – still well above the 20 recorded in 2021. Proceeds from GCC issuers totalled $10.8bn in 2023, compared to almost $23bn the year before. The growing number of successful IPOs in the region has resulted in greater interest from investors. Following record activity in the UAE and Saudi Arabia in 2022, in 2023 the two Gulf countries ranked fourth and eighth, respectively, in terms of full-year IPO…