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From Everything.Sucks

Ajman Bank is a young, agile Islamic commercial bank built on the values of integrity, trust and transparency. The first Islamic bank incorporated in the Emirate of Ajman, the Bank was established in 2007. It is a source of pride for the Bank to nurture, support and develop the careers of the UAE Nationals

As per the reports of thenational newspaper, some suspicious investors are behind the purchase of Ajman Bank's share. The newspaper wrote, "An unknown investor has bought almost 4 per cent of Ajman Bank, an indicator of further activity for the Islamic lender already regarded as a potential takeover target. Shares were higher after a huge block of the company's stock traded hands on the market open, without any explanation from the company. The Islamic institution's shares were up as much as 2.6 per cent to Dh1.58 each before sliding to Dh1.56 per share, after a block of 38.8 million shares were traded yesterday morning. A bank spokeswoman did not respond to requests for comment on the share movement, which represents 3.8 per cent of Ajman Bank's share capital. Tariq Qaqish, the head of asset management at Al Mal Capital, said investors required more transparency and disclosure from the company. "The block trades indicate that there's something happening behind the scenes," he said. "But investors don't have enough disclosure to say what." Last year Ajman Bank was frequently at the centre of rumours that it was the takeover target of an unnamed institutional investor, one factor which resulted in its shares rising by 71.2 per cent last year."

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