Ajman Bank : التقرير المتكامل لسنة 2021

Annual Report of the Board of Directors of Ajman Bank PJSC

For financial year 2021

Dear Shareholders,

Greetings,,,

Ajman Bank, represented by its management and adhering to the frameworks set by decision-makers in the United Arab Emirates, and the directives of His Highness Sheikh Humaid bin Rashid Al Nuaimi, Member of the Supreme Council and Ruler of Ajman, and his Crown Prince, His Highness Sheikh Ammar bin Humaid bin Rashid Al Nuaimi, Chairman of the Board of Directors, may God prolong their lives, And their continuous support to the bank to overcome challenges and obstacles that arose in 2021 and turn them into great achievements for the bank. Ajman Bank has witnessed rise and development in line with the economic successes and developments of the United Arab Emirates, despite the pressures brought by the Corona pandemic.

The year 2021 was an exceptional year. The United Arab Emirates witnessed remarkable economic growth and was a pioneer in overcoming difficulties and turning them into achievements. As one of the most important goals of the Bank, such achievements were adopted by Ajman Bank and turned them into practical application in digital transformation, speed in achievement and community service.

The Bank's Performance and Achievements:

The Bank's achievements and performance in the year 2021 were a like a light in the dark that lit at local and societal levels, and they were - for example, but not limited to - as follows:

1. Consolidating the Bank's brand and the Bank's performance as one of the leading banks in the United Arab

Emirates:

The high and increasing turnout of individuals and companies to the bank contributed to reaching 15,263,046,000 dirhams in total Islamic deposits, and net profits of 116,160,000 dirhams, which were achieved by modern ways and frameworks for managing the basic business of the bank, where the total assets amounted to 22,342,286,000 dirhams, and shareholders' equity amounted to 2,634,622,000 dirhams.

2. Social responsibility:

Ajman Bank was one of the pioneering banks in charity works and took - as usual - social responsibility, represented by the following:

1. Ajman Bank donated 110,000 dirhams to rent the headquarters of the (Sanctuary), which is the first shelter in Ajman under the management of the Woman and Child Protection Foundation. The house was developed to provide shelter for women and children for humanitarian reasons, this includes victims of domestic violence, children placed in correctional and punitive institutions, and humanitarian emergency cases. The shelter also provides rehabilitation, psychological and social programs to support victims.

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1. Ajman Bank has provided financial assistance to qualified students of Ajman University to support their development. As part of the initiative, students were awarded by the bank, 50,000 dirhams in March 2019, 14,200 dirhams in November 2019 and 60,000 dirhams in May 2021 since Ajman Bank believes that education is a fundamental human right.
2. Ajman Bank contributed AED 300,000 to the "Endowment Fund" of Ajman University to provide one scholarship to a qualified student from Ajman University to study majors in Islamic banking and finance. The endowment was named "Ajman Bank Scholarship in Islamic Banking and Finance".
3. In order to enhance its humanitarian partnership with all vital local sectors, Ajman Bank contributed 50,000 dirhams to the Emirates Red Crescent's "Health Campaign", which aims to improve the health of vulnerable and needy groups and families in the United Arab Emirates.
4. In line with ethical and sustainable business practices, Ajman Bank launched its Go Green Paperless initiative designed to protect the environment and enhance the customer experience. This is also an important aspect of the bank's digital transformation, whereby customers and employees are encouraged to minimize paper usage and advised to perform most of the tasks in digital formats such as electronic account statements and electronic notifications, this is intended to reduce the carbon footprint, negative impact on natural resource consumption, pollution and waste.

3. Emiratizations Policy:

• Employing UAE nationals with a growth rate of no less than 4% each year in line with the instructions of the UAE Central Bank and the Ministry of Human Resources and Emiratization. The percentage of citizens in the bank reached around 45% of the total number of employees.
• Retaining at least 60% of UAE nationals whose performance exceeds expectations.
• Appointing competent and qualified Emirati nationals in specified positions in accordance with the objectives of the annual replacement plan in leadership positions.
• 587 employees were trained through instructor-led online training.
• 245 different training programs have been implemented through online learning.
• A total of 13,187 training hours during 2021.

4. Investment climate:

Despite the low interest rate at the global level for banks, and despite the challenges of the Corona pandemic, the world witnessed an economic recovery, and the United Arab Emirates witnessed an exceptional year full of economic achievements, due to the rise in oil prices, and the recovery in global and local financial markets compared to the year 2020 In addition to the opening of the World Expo events, the Management of Ajman

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Bank has made an appreciable effort at all levels to take advantage of this atmosphere and has worked to seize opportunities, taking into account the rules of investment risks, and this resulted in an exceptional performance for Ajman Bank in the year 2021.

5. future vision:

The bank's management saves no effort and dedication to cooperate with all pillars and state institutions for the success of the bank's march and to advance it from year to year and seize all possible opportunities through safe investment at the local level, which enhances the investor and client's confidence in the bank and pushes the bank to progress and continuous achievement and progress and development from year to year.

In conclusion, we would like to extend our sincere thanks, gratitude to everyone who contributed to the success of Ajman Bank's journey, in particular:

• His Highness Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, and His Highness Sheikh Ammar bin Humaid bin Rashid Al Nuaimi the Crown Prince of Ajman.
• Central Bank of the United Arab Emirates.
• Securities and Commodities Authority.
• Dubai Financial Market.
• Ministry of Economy.
• Shareholders and valued customers of the bank.
• Members of the Board of Directors for the effort and dedication they gave to the Bank.
• The entire Ajman Bank team, from the heads of departments to all employees, for their continuous dedication to serving and making the bank's journey a success.

End of Report

Thank you and have wonderful day

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Ajman Bank PJSC

Report and financial statements

for the year ended 31 December 2021

Ajman Bank PJSC

Report and financial statements

for the year ended 31 December 2021

Contents	Pages
Independent auditor's report	1 - 6
Statement of financial position	7
Income statement	8
Statement of profit or loss and other comprehensive income	9
Statement of changes in equity	10
Statement of cash flows	11
Notes to the financial statements	12 - 87