Ajman Bank says it will not lay off any of its employees in 2020

Ajman Bank has announced that there will be no layoffs or job cuts at the bank in 2020.

The decision has been under the directives of Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and chairman of Ajman Bank, a statement said.

The move comes despite the economic impact of the Covid-19 pandemic across the world.

Mohamed Amiri, CEO, Ajman Bank, stated: “Despite the challenges, there will be no reduction of workforce at Ajman Bank in 2020. We have an obligation to make responsible decisions and are committed to manage the economic effects of Covid-19 in a clear and compassionate way creating value for our clients and avoiding addition of emotional distress.

“While we all have responsibilities to fulfill, we believe by working together and by prioritising our goals, we will come out of this pandemic stronger than ever before and will see a return of greater stability.”

The Sharia-compliant lender posted a 45 per cent drop in net profit during the third quarter to reach Dhs22.25m, down from Dhs40.8m during Q3 2018.

Meanwhile the net profit for the first nine months of 2019 fell by 8 per cent to Dhs119.8m, compared to Dhs110.1m during the same period in the previous year.

The lender is yet to release the full year results for 2019.