Friday, 21 November 2008
updated 1 minute ago
04:34 UAE time

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Ajman Bank to list June 22

by This email address is being protected from spam bots, you need Javascript enabled to view it on Thursday, 12 June 2008

NEW LISTING: Islamic lender Ajman Bank said it will list shares on the Dubai Financial Market on June 22. (Getty Images)

UAE Islamic lender Ajman Bank said on Thursday it will list shares on the Dubai Financial Market on June 22 after a first-quarter initial public offering that was almost 86 times oversubscribed.

The UAE's seventh-largest Islamic lender, whose founders include the ruling family of the emirate of Ajman, plans to start operations later this year.

It raised 550 million dirhams ($149.8 million) in an IPO in February. HSBC is the bank's financial adviser.

Story continues below ↓

Islamic banks cater to Muslims who want to avoid earning or paying interest, viewed as usury under Islamic law. (Reuters)

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