Latest news with #AjmanBank
Al Bawaba
9 minutes ago
- Business
- Al Bawaba
Ajman Bank and MENSA Technologies Announce Strategic Alliance to Transform WPS Services in the UAE
Ajman Bank, one of the leading Shariah-compliant banks in the UAE, has partnered with MENSA Technologies, an innovative fintech company, in a strategic alliance aimed at enhancing the delivery of Wage Protection System (WPS) services across the region. This collaboration combines Ajman Bank's robust banking infrastructure with MENSA Technologies' agile digital payroll solutions to provide seamless and timely salary disbursements to a culturally diverse workforce while meeting all regulatory by a shared vision of financial inclusion and operational excellence, the partnership introduces a next-generation WPS card solution tailored to the needs of today's representative global employee base. Designed to simplify payroll management, the solution empowers employees regardless of income level or banking access with secure, regulated financial services that extend beyond traditional cash-based Mustafa Al Khalfawi, CEO of Ajman Bank, stated:"This partnership reflects Ajman Bank's strategic focus on embedding innovation into core banking infrastructure to support national priorities. By integrating agile digital payroll solutions with Shariah-compliant financial services, we are enhancing the wage protection ecosystem in a way that is secure, compliant, and scalable. It enables employers to meet regulatory obligations efficiently, while expanding access to banking for underserved segments of the workforce. As the financial system evolves, Ajman Bank remains committed to delivering purposeful innovation that advances both customer value and economic resilience."This initiative reinforces the infrastructure for compliant, transparent, and inclusive salary disbursement, an essential pillar in the UAE's evolving financial Mengsha Tan, Chairwoman of Mensha Group, added, "This WPS Cards and Wallets initiative is a powerful testament to Mensha Group's commitment to advancing financial inclusion. Through MensaPay and Mensa Technologies' innovation, combined with Ajman Bank's trusted banking framework, we are providing individuals with the financial tools they truly deserve, contributing significantly to the UAE's ambitious journey."Mr. Muhammad Ashraf, CEO of MensaPay, commented: "At MensaPay, we are immensely proud to enable this significant stride towards financial inclusion and a cashless society in the UAE, Our advanced technology underpins MensaPay's ability to deliver a compliant, efficient, and user-friendly solution with Ajman Bank, opening doors to essential financial services for the under banked."This partnership marks a significant step in reinforcing the UAE's wage protection framework and ensuring financial accessibility for all. By uniting the strengths of regulated Islamic banking and fintech innovation, Ajman Bank and MENSA Technologies are delivering a future-ready WPS model designed for scale, compliance, and inclusion. It demonstrates how cross-sector collaboration can unlock new channels for economic resilience, workforce empowerment, and sustainable growth across the region.
Zawya
39 minutes ago
- Business
- Zawya
Ajman Bank and MENSA Technologies announce strategic alliance to transform WPS services in the UAE
Ajman, United Arab Emirates: Ajman Bank, one of the leading Shariah-compliant banks in the UAE, has partnered with MENSA Technologies, an innovative fintech company, in a strategic alliance aimed at enhancing the delivery of Wage Protection System (WPS) services across the region. This collaboration combines Ajman Bank's robust banking infrastructure with MENSA Technologies' agile digital payroll solutions to provide seamless and timely salary disbursements to a culturally diverse workforce while meeting all regulatory requirements. United by a shared vision of financial inclusion and operational excellence, the partnership introduces a next-generation WPS card solution tailored to the needs of today's representative global employee base. Designed to simplify payroll management, the solution empowers employees regardless of income level or banking access with secure, regulated financial services that extend beyond traditional cash-based systems. Mr. Mustafa Al Khalfawi, CEO of Ajman Bank, stated:"This partnership reflects Ajman Bank's strategic focus on embedding innovation into core banking infrastructure to support national priorities. By integrating agile digital payroll solutions with Shariah-compliant financial services, we are enhancing the wage protection ecosystem in a way that is secure, compliant, and scalable. It enables employers to meet regulatory obligations efficiently, while expanding access to banking for underserved segments of the workforce. As the financial system evolves, Ajman Bank remains committed to delivering purposeful innovation that advances both customer value and economic resilience." This initiative reinforces the infrastructure for compliant, transparent, and inclusive salary disbursement, an essential pillar in the UAE's evolving financial ecosystem. Dr. Mengsha Tan, Chairwoman of Mensha Group, added, "This WPS Cards and Wallets initiative is a powerful testament to Mensha Group's commitment to advancing financial inclusion. Through MensaPay and Mensa Technologies' innovation, combined with Ajman Bank's trusted banking framework, we are providing individuals with the financial tools they truly deserve, contributing significantly to the UAE's ambitious journey." Mr. Muhammad Ashraf, CEO of MensaPay, commented: "At MensaPay, we are immensely proud to enable this significant stride towards financial inclusion and a cashless society in the UAE, Our advanced technology underpins MensaPay's ability to deliver a compliant, efficient, and user-friendly solution with Ajman Bank, opening doors to essential financial services for the under banked." This partnership marks a significant step in reinforcing the UAE's wage protection framework and ensuring financial accessibility for all. By uniting the strengths of regulated Islamic banking and fintech innovation, Ajman Bank and MENSA Technologies are delivering a future-ready WPS model designed for scale, compliance, and inclusion. It demonstrates how cross-sector collaboration can unlock new channels for economic resilience, workforce empowerment, and sustainable growth across the region.
Zawya
23-07-2025
- Business
- Zawya
Ajman Bank reports profit of $72mln in H1 2025
AJMAN: H.H. Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of the Board of Ajman Bank, chaired the Bank's Board of Directors meeting on Tuesday to review key financial and administrative matters, and issue resolutions on commercial activities. Ajman Bank announced a profit before tax of AED266 million for the first half of 2025, marking a 14 percent increase compared to the same period in 2024, driven by sustained focus on core business performance, increased financing activity, and improved operational efficiency. Ajman Bank delivered a Total Operating Income of AED751 million, while net operating income reached AED399 million. The Bank's total assets increased by 17 percent compared to year-end 2024 to AED26.6 billion, supported by a 16 percent growth in the financing portfolio to AED17.8 billion. Customer deposits reached AED20 billion, up 11 percent year-to-date, reflecting continued growth across Consumer and Wholesale business segments. The Bank's total shareholders' equity rose to AED3.2 billion, up 4 percent year-to-date. H.H. Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank, said, 'Ajman Bank continues to deliver consistent results, underpinned by a resilient business model and a focused growth strategy. Our performance in the first half of 2025 reflects disciplined execution and the Bank's growing role in supporting economic development and financial sector sustainability in the UAE'. Ajman Bank's capital and liquidity metrics remained strong, with a Capital Adequacy Ratio (CAR) of 17.3 percent and a Tier 1 Capital Ratio held firm at 16.1 percent, notwithstanding 17 percent growth in total financing portfolio. Return on Equity (ROE) improved to 15.6 percent (up by 29 bps), while Return on Assets (ROA) increased to 1.9 percent (up by 9 bps). Ajman Bank's further strengthened strong liquidity position achieved an improved Eligible Liquid Assets Ratio (ELAR) at 18 percent and Loans-to-Stable Resources Ratio (LSRR) at 74 percent. Mustafa Al Khalfawi, Chief Executive Officer of Ajman Bank, said," Our first-half results demonstrate the strength of Ajman Bank's funding base, balance sheet, and operational model. We are focused on scaling platform productivity, improving cost-to-income performance, and diversifying access to capital. The successful launch of our co-branded POS solution, real-time settlement platform, and global Sukuk issuance all reflect growing confidence in our trajectory." On the back of proactive credit portfolio management, Asset quality continued to improve with the Non-Performing Loans (NPL) Ratio at 8.6 percent (down by 126 bps), 15 percent reduction in the aggregate of Gross Stage 2 & 3 exposure during H1 2025 and greater diversification achieved with the Real Estate Ratio reduced to 32.9 percent (down by 705 bps). The Bank continued to advance its digital infrastructure with targeted investment in SME onboarding platforms, merchant POS enablement, and real-time processing capabilities. These improvements are enhancing productivity, accelerating digital origination, and supporting end-to-end service automation across core segments. In May 2025, Ajman Bank successfully issued its debut USD 500 million 5-year Sukuk. The five-year issuance, listed on Nasdaq Dubai, achieved a 5.4X oversubscription, which also evidences the great trust of 100+ regional and international investors with participation of 65 percent and 35 percent allocation respectively. The Sukuk marks a strategic milestone in the Bank's funding diversification and access to international capital markets. Ajman Bank remains committed to its AED4 billion 'Sustainable Finance' pledge by 2030 and 'Net Zero Emission' by 2050, aligning its long-term strategy with Ajman Vision 2030 and the UAE's broader sustainable growth framework.
Zawya
22-07-2025
- Business
- Zawya
Ajman Bank reports AED266mln in H1 2025 profit before tax
His Highness Sheikh Ammar bin Humaid Al Nuaimi Chairs Ajman Bank Board of Directors Meeting Ajman, United Arab Emirates: His Highness Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of the Board of Ajman Bank, chaired the Bank's Board of Directors meeting on Tuesday to review key financial and administrative matters, and issue resolutions on commercial activities. Ajman Bank announced a profit before tax of AED 266 million for the first half of 2025, a 14% increase compared to the same period in 2024, driven by sustained focus on core business performance, increased financing activity, and improved operational efficiency. Ajman Bank delivered a Total Operating Income of AED 751 million, while net operating income reached AED 399 million. The Bank's total assets increased by 17% compared to year-end 2024 to AED 26.6 billion, supported by a 16% growth in the financing portfolio to AED 17.8 billion. Customer deposits reached AED 20 billion, up 11% year-to-date, reflecting continued growth across Consumer and Wholesale business segments. The Bank's total shareholders' equity rose to AED 3.2 billion, up 4% year-to-date. His Highness Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank, said: 'Ajman Bank continues to deliver consistent results, underpinned by a resilient business model and a focused growth strategy. Our performance in the first half of 2025 reflects disciplined execution and the Bank's growing role in supporting economic development and financial sector sustainability in the UAE'. Ajman Bank's capital and liquidity metrics remained strong, with a Capital Adequacy Ratio (CAR) of 17.3% and a Tier 1 Capital Ratio held firm at 16.1%, notwithstanding 17% growth in total financing portfolio. Return on Equity (ROE) improved to 15.6% (up by 29 bps), while Return on Assets (ROA) increased to 1.9% (up by 9 bps). Ajman Bank's further strengthened strong liquidity position achieved an improved Eligible Liquid Assets Ratio (ELAR) at 18% and Loans-to-Stable Resources Ratio (LSRR) at 74%. Mustafa Al Khalfawi, Chief Executive Officer of Ajman Bank, said:" Our first-half results demonstrate the strength of Ajman Bank's funding base, balance sheet, and operational model. We are focused on scaling platform productivity, improving cost-to-income performance, and diversifying access to capital. The successful launch of our co-branded POS solution, real-time settlement platform, and global Sukuk issuance all reflect growing confidence in our trajectory." On the back of proactive credit portfolio management, Asset quality continued to improve with the Non-Performing Loans (NPL) Ratio at 8.6% (down by 126 bps), 15% reduction in the aggregate of Gross Stage 2 & 3 exposure during H1 2025 and greater diversification achieved with the Real Estate Ratio reduced to 32.9% (down by 705 bps). The Bank continued to advance its digital infrastructure with targeted investment in SME onboarding platforms, merchant POS enablement, and real-time processing capabilities. These improvements are enhancing productivity, accelerating digital origination, and supporting end-to-end service automation across core segments. In May 2025, Ajman Bank successfully issued its debut USD 500 million 5-year Sukuk. The five-year issuance, listed on Nasdaq Dubai, achieved a 5.4X oversubscription, which also evidences the great trust of 100+ regional and international investors with participation of 65% and 35% allocation respectively. The Sukuk marks a strategic milestone in the Bank's funding diversification and access to international capital markets. Ajman Bank remains committed to its AED 4 billion 'Sustainable Finance' pledge by 2030 and 'Net Zero Emission' by 2050, aligning its long-term strategy with Ajman Vision 2030 and the UAE's broader sustainable growth framework. About Ajman Bank Ajman Bank is an Islamic bank with an ambitious Vision based on the values of integrity, trust and transparency. It provides a wide range of Sharia-compliant, high-quality banking services to its customers, from individuals in its Consumer Banking vertical to companies, Government Related Enterprises and Financial Institutions in its Wholesale Banking business across the UAE and GCC. Leading technology is at the heart of customer experience, supplemented by the human touch to deliver bespoke financial solutions. Ajman Bank is headquartered in Ajman and enjoys the strong support of the Government of Ajman and is a key pillar in the Emirate's economic development strategy. The Bank continues its tireless efforts to establish a prominent position in the banking sector as a sustainable Islamic banking institution, with an emphasis on the need to achieve an optimal balance in the community and caring staff, in order to provide real value for shareholders and customers alike.
Al Bawaba
03-07-2025
- Business
- Al Bawaba
Ajman Bank and VaultsPay Partner to Launch Co-Branded Payment Processing Solution and Instant Settlement for Business Clients
Ajman Bank has launched a comprehensive co-branded payment processing solution for its business clients, developed through its strategic partnership with VaultsPay, a Dubai-based CBUAE licensed fintech payment company with a global newly launched program represents the latest milestone in the ongoing partnership between the two institutions, reflecting their joint commitment to building a digitally inclusive financial system; that empowers merchants, entrepreneurs, and growing enterprises to thrive in a future-ready, innovation-led initiative marks a significant milestone for Ajman Bank, as the bank launches its first-ever Point of Sale (POS) machine offering and instant settlement, expanding its service portfolio to include comprehensive payment processing solutions for its business this new program offering, Ajman Bank business clients will gain access to VaultsPay's robust, secure payment infrastructure, enabling acceptance of credit, debit, and prepaid card payments across a range of retail environments. The solution includes real-time transaction processing, advanced fraud protection, and comprehensive reporting tools marking a significant step in Ajman Bank's ongoing strategy to enhance its business banking proposition and expand its digital service offerings for merchants and Al Khalfawi, Chief Executive Officer of Ajman Bank, commented: "This partnership program represents more than just a technology integration; it's a step toward enabling businesses across the UAE to operate with greater agility, confidence, and trust. At Ajman Bank, we believe the role of a financial institution extends beyond banking it's about empowering ecosystems. Through this collaboration with VaultsPay, we're building bridges for entrepreneurs, retailers, and SMEs to participate more fully in the digital economy - seamlessly, securely, and in line with the UAE's broader vision for financial innovation and inclusion'.The collaboration reflects the growing convergence between established financial institutions and agile fintech platforms, a dynamic that continues to reshape how businesses access and interact with financial services. By combining trusted banking expertise with next-generation digital capabilities, this program aims to unlock more accessible and future-ready solutions for SMEs and retail clients across the Makhlouf, CEO of VaultsPay, said: "This program launch with Ajman Bank is a powerful alignment of purpose and ambition. Together, we are laying the groundwork for a smarter, more inclusive payment infrastructure - one that reflects the UAE's leadership in digital innovation and its commitment to supporting the real economy. At VaultsPay, we see technology as a catalyst for equity, access, and growth. Through this collaboration, we are proud to empower businesses of all sizes with seamless, secure solutions that carry the trust of two forward-thinking institutions'. The program has been fully rolled out and is now available to all eligible Ajman Bank business clients . Ajman Bank continues to prioritize strategic collaborations that support its mission to provide flexible, future-ready financial services across the UAE.
