Ajman Bank is rewriting the rules of Islamic banking in the digital age. Established in 2007, Ajman Bank was the first Islamic bank located in the emirate. Officially launching operations in 2009 with strong backing from the Government of Ajman – which holds a 25 per cent stake – the bank is firmly rooted in its home emirate while maintaining a growing presence across the UAE.
Listed on the Dubai Financial Market since 2008, Ajman Bank offers a broad spectrum of Sharia-compliant banking and financial services tailored to individuals, businesses, and government entities, all designed to support economic progress and sustainable growth. Driven by a deep commitment to excellence, social responsibility, and national development, the bank has been at the forefront of Emiratisation, proudly nurturing local talent since its inception. With multiple prestigious awards recognising its efforts in nationalisation, Ajman Bank continues to shape a future defined by opportunity, innovation, and enduring value for the communities it serves.
From launching a next-generation mobile banking platform to introducing the region’s first Gen AI Avatar for customer engagement, the bank is carving out a bold new path that merges cutting-edge technology with the enduring values of Sharia compliance.
At the heart of this transformation is Ajman Bank’s latest initiative: Ajman Bank One, an all-in-one digital banking platform designed to give customers complete control of their financial lives. Speaking exclusively to Arabian Business, Mustafa Al Khalfawi, the Chief Executive Officer of Ajman Bank, explained the motivation behind this ambitious leap forward.
“At Ajman Bank, we believe the future of banking must be digital, seamless, and human-centred,” said Al Khalfawi. “Ajman Bank One and the AI Avatar were born from one ambition: to remove complexity and give every customer control not just of their finances, but of the services they rely on, through Sharia-compliant innovation they can trust.”
That ambition is not merely cosmetic. The platform enables customers to open accounts instantly, apply for home, auto and personal finance, and issue digital credit cards – all within a fully integrated, secure and user-friendly ecosystem. It is, as Al Khalfawi describes it, “a complete digital bank in your hand”.
This holistic approach was part of the strategy. The bank took a clean-sheet approach to user experience, re-engineering every step from regulatory compliance to interface design. “Building a true digital bank required redesigning the entire customer path – from regulatory compliance to user interface,” explained Al Khalfawi. “We used design thinking, continuous testing and built-in governance so that controls and security are part of the core, not an afterthought. The result is a smooth, intuitive journey that meets the highest standards of trust and risk management without adding friction.”
Trust is an integral factor while implementing this change. It is, in fact, one of Ajman Bank’s key strategic pillars alongside simplicity and value. According to Al Khalfawi, maintaining these values in a fast-moving digital environment requires a deep commitment to ethics and user empowerment. “For us, trust is non-negotiable. Every feature is built on secure architecture, clear consent and privacy protection. Simplicity means customers can act with confidence and understand every step. Value means combining this safety with fast, reliable, 24/7 banking. That is how we protect what matters while moving quickly to innovate.”
Customer at the Helm
One of the innovations introduced by Ajman Bank is its Gen AI Avatar, the first of its kind in the region. More than just a chatbot, the Avatar brings a human-like touch to digital banking. “It understands context, speaks naturally, and guides customers in real time while remaining fully aligned with ethical principles,” said Al Khalfawi. “AI will increasingly anticipate needs and deliver personalised solutions, turning digital banking into a conversation, not a transaction.”
In a market where customers demand speed without sacrificing clarity or compliance, Ajman Bank’s suite of digital products appears to be hitting the mark. The app offers instant issuance of digital credit cards, as well as seamless access to Sharia-compliant home, auto and personal finance solutions. “Customers want speed without compromise – quick access to credit and financing that is clear, compliant and secure,” he explained. “Our instant digital credit card and fully digital finance solutions deliver exactly that. Uptake has been exceptionally strong; demand is well ahead of forecast.”
But beyond transactions and product features lies another critical battlefield for customer loyalty: rewards. According to Al Khalfawi, Ajman Bank has embedded a dynamic, AI-driven rewards programme directly into the core platform. “Loyalty is earned when digital banking feels personal and rewarding,” he said. “We’ve embedded smart rewards into Ajman Bank One so customers feel recognised from their first transaction to long-term relationship milestones. Next, we’re using AI to make these benefits more predictive and relevant – delivering the right value at the right time.”
Al Khalfawi’s experience at the helm of major institutions such as First Abu Dhabi Bank and Al-Futtaim has clearly shaped his strategy at Ajman Bank, particularly in the realm of large-scale digital transformation. He reflected on those roles, noting that they taught him the importance of grounding innovation in cultural and customer insight. “My previous roles taught me that transformation must start with deep customer insight and cultural clarity,” he said. “At Ajman Bank, we combine that discipline with a challenger mindset – empowering teams to innovate boldly while keeping risk and compliance at the heart of every decision. It is a balance of scale and agility.”
Central to that balance is the bank’s unwavering commitment to Islamic principles. As the UAE’s financial sector embraces new technologies, Ajman Bank has made it a point to ensure that all innovations are aligned with the tenets of Islamic finance. “Sharia compliance is designed in, not checked after,” Al Khalfawi explained.
Ajman Bank’s commitment to Islamic values is guided and safeguarded by its Internal Shariah Supervision Committee (ISSC). This distinguished body plays a critical role in ensuring that every product, service, and financial transaction offered by the bank aligns with the principles of Islamic Shariah. Its mandate is clear: to uphold the highest standards of Shariah compliance in line with the guidelines of the Central Bank of the UAE’s Higher Shariah Authority, as well as the globally recognised standards set by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
With regular meetings, the ISSC oversees a rigorous review process that touches every corner of the bank’s operations. From product design and service delivery to legal contracts and partnership agreements, the committee’s role is both consultative and supervisory. In cases requiring swift decisions, urgent matters are escalated to the Executive Member of the ISSC to ensure timely guidance without compromising compliance.
But the ISSC’s influence extends beyond operational oversight. It serves as a bridge between traditional Islamic jurisprudence and modern financial practices, ensuring that innovation never comes at the expense of integrity. Its annual Shariah report, submitted to the bank’s General Assembly after being vetted by the UAE Central Bank’s Higher Shariah Authority, is a transparent reflection of this ongoing commitment.
Ajman Bank’s ISSC stands as a pillar of ethical assurance – balancing innovation with tradition, and profitability with purpose. It is through this unwavering oversight that the bank continues to earn the trust of its stakeholders while upholding the spiritual and ethical values at the core of Islamic finance.
“Our Sharia Board works directly with our digital and AI teams from concept to launch. That built-in oversight gives customers confidence that even the most advanced tools – from instant credit to AI assistance – are fully aligned with Islamic finance.”
Future Forward
Looking ahead, Ajman Bank sees its current achievements as just the starting point. The leadership team is exploring a number of emerging technologies, including open banking platforms, blockchain applications and next-generation AI tools. “We are exploring secure open banking opportunities, evaluating blockchain applications for safe and efficient transactions, and developing AI-driven tools to offer smarter financial guidance – always with security at the core,” he said.
As the UAE positions itself as a global fintech hub, Ajman Bank intends not only to keep pace with innovation but to help define its responsible implementation. “The UAE is shaping global fintech standards, and Ajman Bank aims to be a reference point for responsible financial innovation,” Al Khalfawi added. “We are harnessing blockchain for secure payments, machine learning for smarter risk management, and ethical AI for personalised experiences, proving that technology and trust can advance together.”
This year, the bank will make a high-profile appearance at GITEX, where it will unveil both Ajman Bank One and the Gen AI Avatar. “What makes Ajman Bank One stand out is that it is not just another banking app,” said Al Khalfawi. “It is a one-stop solution, enriched with digital products that are unique in the UAE market – whether it is digital home finance, personal finance, auto finance or even an instant digital credit card with same-day issuance.”
Al Khalfawi reflected on what excites him most about this pivotal moment in banking. “It is a rare convergence of vision and capability. Technology is now strong enough to remove long-standing friction while preserving the values customers rely on. Leading Ajman Bank through this change – making banking simpler, safer and more human – is both humbling and deeply rewarding.”
Ajman Bank’s approach may well serve as a blueprint for the future of Islamic finance. Not only is the bank embracing innovation, it is proving that tradition and technology can move forward together, hand in hand.
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