Shariah-compliant Ajman Bank is planning to launch a real estate fund to buy assets towards the lower side in the UAE, according to its deputy CEO.
Speaking to Emirates Business, Ali E Alshaqoosh Al Mueen, Deputy Chief Executive Officer of Ajman Bank, said the bank is going to get necessary approval to launch a real estate fund from the regulatory body. He added that there were good opportunities in property sector towards the lower side now. He said the size of the fund was not finalised yet and the bank will contribute seed capital to the fund.
The bank will focus on financing in the domestic market as it sees the UAE as a safer and high-potential market when it comes to returns, said Ali.
"We reset our strategy recently and will focus more on the domestic market. Even though a few deals have been made overseas, we feel opportunities in the local market are more secure and rewarding than going overseas," said Ali.
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