Ajman Bank Curtails Planned Expansion Amidst Global Economic Crisis
New Islamic lender Ajman Bank AJBNK.DU is revising its strategy amid the global economic crisis until the market improves over the next year, its chief executive said on Monday.
The bank, one of eight Islamic lenders in the United Arab Emirates, had originally planned an aggressive rollout in the federation and across the Gulf Arab region.
But it has pulled back from its pan-regional expansion and curbed plans to participate in the local real estate and credit card business as the global financial crisis sweeps across the region.
“Growth and profitability are no longer important objectives for 2009. What is more important is survival and, to some extent, continuity,” Yousif Khalaf told the Reuters Islamic Banking and Finance Summit in Dubai.
The United Arab Emirates’ construction sector is suffering a sharp slowdown as developers, especially in former boomtown Dubai, halt or postpone projects and thousands of jobs are slashed.
The bank had originally planned to open 15 branches in its first year, but will now open eight in 2009, six next year and another six in 2011…SOURCE
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Tags: Arab Region, Bank One, Banking And Finance, Boomtown, Chief Executive, Construction Sector, Continuity, Credit Card Business, Global Economic Crisis, Global Financial Crisis, Growth And Profitability, Gulf Arab, Islamic Banking And Finance, Local Real Estate, Regional Expansion, Reuters, Rollout, Slowdown, Sweeps, United Arab Emirates
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