Ajman Bank plans May listing

UAE Islamic lender Ajman Bank said on Saturday it planned to list shares on the Dubai Financial Market in May after a first-quarter initial public offering that was almost 86 times oversubscribed.

The UAE's seventh Islamic lender, whose founders include the ruling family of the emirate of Ajman, plans to start operations later this year. It raised Dh550 million ($149.8 million) in an IPO in February.

Ajman Bank shareholders approved a seven-member board including Sheikh Ammar bin Humaid Al Nuaimi as chairman, it said in a statement.

Islamic banks cater to Muslims who want to avoid earning or paying interest, viewed as usury under Islamic law. (Reuters)