Ajman Bank signs MoU with GII-REIT
PRESS RELEASE | 26/03/2018GII-REIT is the first real estate investment trust belonging to Gulf Islamic Investments (GII)
Hani Sabri, Head of Investment at Ajman Bank, said: “signing of the memorandum of under- standing with GII-REIT comes within the framework of Ajman Bank’s continuous endeavour to meet the needs of a diverse base of clients, through offering innovative and Shari’a-compliant investment opportunities and solutions that are commensurate with the investment objectives of the clients and are in line with their capabilities to withstand the various risks.
Omar Mirza, the CEO GII Islamic REIT, mentioned they are in the process of on-boarding 6 properties in Dubai right now, across residential, commercial and industrial sectors, totalling around USD 200 million, and have identified a further pipeline of USD 350 million of high in- come generating properties in UAE. So, the USD 50 million being invested by Ajman Bank, will get deployed immediately in purchasing some of the properties they have short listed. Almost all properties we are investing in, comes with 3 to 5-year head leases, in order to eliminate or minimise vacancy risk for the REIT.
About Ajman Bank:
Ajman Bank is an Islamic bank with an ambitious vision based on values of integrity, trust and transparency, and seeks to provide a wide range of high quality Shari’a-compliant banking ser- vices to individuals, companies and government institutions across the UAE. The latest technology that will ensure customers a unique banking experience while taking care to revive the human touch lost in the era of modern banking.
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 efforts to establish a prominent position in the banking sector as a sustainable Islamic bank- ing institution, emphasising the need to achieve the optimal balance in the development of society in order to provide real and high value to shareholders and customers alike.
