Scope of Islamic Banking

As the Trade financing and equity lending operations consist

of the full spectrum of activities that includes the fee-paid retail
services that doesnot provide interest payments and other normal
services and provides the finance to the both Muslim and Non-
Muslims range of people.

It is the good for the investment and therefore, as lot of

economist have make use of it because of the ethical
banking feature provided by it and new innovative derivative
instruments have been revolutionized for the financial activities. 

More scope for Islamic banking

The newly-created Ajman Bank is the first Islamic bank to be incorporated
in Ajman. Gulf News spoke to CEO Yousif Khalaf, a veteran of the GCC
financial services sector and till recently the head of Bahrain Islamic Bank,
about the scope of Islamic banks in the region as well as Ajman Bank’s
priorities and services on offer.
The newly-created Ajman Bank is the first Islamic bank to be incorporated
in Ajman. Gulf News spoke to CEO Yousif Khalaf, a veteran of the GCC
financial services sector and till recently the head of Bahrain Islamic Bank,
about the scope of Islamic banks in the region as well as Ajman Bank's
priorities and services on offer.
Gulf News: Why did the new bank's founders opt for an Islamic institution
rather than a conventional bank?
Khalaf: I think looking at the trends in the market and people's needs;
Islamic banking has been an obvious choice. We also believe that we have
a duty to promote banking values that are compatible with our religious
belief. We believe our products and services will appeal to the growing
Islamic finance market, which has assets of more than Dh120 billion.

Gulf News: By choosing Islamic banking will you exclude any segment of
customers?
Khalaf: No way. Our services will not be limited to Muslim customers. On
the contrary, we will be welcoming all customers irrespective of their
religion, nationality or cultural affiliations. I think that all groups of
customers in the UAE are increasingly becoming comfortable with Islamic
banking and what they care most is the quality of service.

Gulf News: Will there be special focus on small and medium enterprises

as Ajman has a big concentration of SMEs?
Khalaf: Yes, certainly. Ajman, our home base is a centre for a large
number of small and medium enterprises. I think as a progressive and
innovative banking institution we will put in our best to serve this important
segment of the economy.

Gulf News: Ajman has been the only emirate that does not have a national
bank of its own. Will this new bank fill that gap?
Khalaf: Yes. This will function as a national bank for Ajman. Ajman
government has a new economic strategy. I think, having a financial
institution that supports this strategy will be important in financing various
schemes and industrial undertakings.

Gulf News: Will the bank be an active player in the real estate sector and
mortgage financing?
Khalaf: That is going to be one of our specific focus areas for the next few
years. We will work closely with the government and leading developers to
support the freehold development programmes. We are working with some
of the top end developers to become exclusive partners to finance these
developments. We are in a unique position to contribute more to the real
estate segment in Ajman because it is our home base and in addition we
will be the partner of choice for the government and a number of
developers who are also our shareholders.