Ajman Bank prices $300m debut AT1 perpetual sukuk at 6.5%

09/07/2026 06:11 AST

Ajman Bank has priced its first Additional Tier 1 (AT1) Perpetual Non-Call 5.5-Year Sukuk at $300 million, with a profit rate of 6.5 per cent.

The transaction is the bank's first AT1 capital sukuk issuance and follows its debut senior sukuk issued last year.

Through the transaction, the bank adds to its capital base and funding sources. The issuance drew interest from investors across the region and internationally.

Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of Ajman Bank, said the inaugural AT1 sukuk issuance represents an evolution in the bank's capital management strategy and reflects progress made in the bank's financial profile over recent years.

"The issuance reflects investors' confidence in Ajman Bank's financial direction. It also supports the bank's efforts to strengthen its capital base and diversify its funding sources, enabling it to continue serving its customers while supporting businesses and the UAE economy," he added.

Mustafa Al Khalfawi, Chief Executive Officer of Ajman Bank, said the transaction, as the bank's first AT1 issuance, broadens its capital toolkit and diversifies its sources of regulatory capital.

"We have attracted support from institutional investors, reflecting familiarity with the Ajman Bank credit story and the bank's continued transformation," he said.

The sukuk will be listed on the London Stock Exchange's International Securities Market and Nasdaq Dubai.

The bank reported a strong first quarter, posting net profit before tax of Dh134 million and net profit after tax of Dh130 million, as total revenue rose 22 per cent year-on-year to Dh443 million.

Net revenue increased 12 per cent to Dh222 million, while non-funded income reached Dh63 million - equivalent to 28 per cent of net revenue - pointing to continued progress in the Bank's effort to build a more diversified income base beyond financing margin, resulting.

Khaleej Times