Starting a business in the current economic environment offers more opportunities than disadvantages, according to Ajman Bank, a new Islamic commercial bank that intends to become fully operational next week.
“We are not carrying any baggage. We are starting from a clean slate,” said Said Wafai, the head of the bank’s strategic corporate affairs.
The absence of past investing sins will better position the bank to succeed than many of its local peers, who are heavily exposed to a declining property market, Mr Wafai said. In addition, faltering local banks could offer good acquisition targets.
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