Ajman Bank aims to raise $300m from sukuk stock issue

Ajman Bank is reportedly planning to raise $300 million through a sukuk issuance this year.

Mustafa Al Khalfawi, Ajman’s CEO, said the single-tranche sukuk – or sharia-compliant bonds – will be made in the first half of 2026.

He did not disclose what any funds raised would be used for.

Last week the Dubai-listed bank reported a net profit of AED500 million ($136 million) for 2025, a 25 percent year-on-year increase, in a bourse filing.

Total revenue rose 10 percent, supported by growth across key business segments and continued diversification of income.

Customer financing rose by 39 percent to AED21 billion, while customer deposits grew by 40 percent to AED27 billion.

The lender has proposed a 9.18 percent cash dividend, or 50 percent of net profit. 

Operating revenues will be better this year, with a focus on the retail sector and on managing small and medium sized enterprises, Al Khalfawi told CNBC Arabia.

“We are committed to managing expenses and the 12 percent increase in costs in 2025 is normal given the growth,” he said.

Ajman Bank’s real estate portfolio is worth AED12 billion, with Skyrise Properties, the real estate subsidiary, achieving profitability within two years of its operations, he said.

The government of Ajman is the largest shareholder, owning 33.1 percent of the bank.

Ajman is the smallest of the seven emirates in the UAE.

The bank’s shares closed down almost 1 percent on Friday at AED1.48. They are up 8 percent so far this year.

Further reading:

• UAE banks back Pakistan’s $1bn fundraising
• UAE opens up treasury sukuk to individual investors
• Fractional sukuk platform launched by UAE bank