UAE bank postpones loan payments during Ramadan

Ajman Bank said instalments will be delayed free of charge
By Ashford Fernandez
Sun 14 Jul 2013 04:03 PM

Ajman Bank has postponed monthly financial instalments due by customers during the holy month of Ramadan, the state-backed Islamic lender announced on Sunday.

Under the scheme, all instalments payable during the month of Ramadan will be deferred until the end of the holy month and customers’ repayment schedule will be extended by one month free of charge.

“As Ramadan is the month of blessings and giving, our offering is meant to support our customers with their financial needs during this special time. Postponing our customers' monthly instalments is just one way of showing that we care for them and is part of several other initiatives planned during the Holy Month,” Mohamed Zaqout, CEO of Ajman Bank.

Ajman Bank began its operations in 2008 and is the first Shariah compliant Islamic bank incorporated and headquartered in the Emirate of Ajman. It now operates 11 branches spread across the UAE.

A quarter owned by the Ajman government, net profit for the first quarter of 2013 was AED12.30m ($3.34m), an increase of 171 percent year-on-year. Net profit for the whole of 2012 was AED33.5m ($9.12m), a year-on-year increase of 382 percent.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.