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Financial Management
Financial Management

Financial Management

 

Overview

At Ajman Bank, we´re committed to helping our customers overcome any financial management difficulties they may be experiencing. We understand our customers may go through difficult times and that´s when you need someone on your side the most.

Our financial management executives are here to help and will work with you to suggest a suitable arrangement to help out with your current financial situation. If you foresee challenges in the timely payment of your  financial obligations or you have missed a payment date already, have your credit card or finance ready and contact us as soon as you can.

Remember, the sooner you contact us, the sooner we can help. Please note that your credit history with us is provided to Al Etihad Credit Bureau (AECB) as appropriate, on a regular basis. It is in your best interests to maintain a satisfactory payment record on your account as any adverse credit history may impact your ability to apply for credit facilities from other financial institutions in the future.

Debt Regularization of Personal Finances

A regularized financial facility is calculated by the amount you owe across all of your installments. You can reach out to our executives and we will assist you in the best possible way to ease of your burden in line with the relevant laws derived by the regulators.

Regularization of Ijara Financing

The Ijara facility may be regularized through a different mean, for example by extending the tenure or revising the variable rental etc. You may reach out to our executive and will assist you in best possible way with the best options to ease of your financial obligation.

Debt Regularization through Balance Transfers

There are a few ways to start the financial consolidation process. One strategy is to get a credit card with a low profit rate that allows balance transfers. Balance transfers allow you to move debt from one credit card to another, putting all of your debt in one place so you don’t have to pay high fees and charges on multiple cards. Watch out for cards with high balance transfer fees — look for a card with lower profit rates. This allows you to move your debt onto one credit card with a lower profit rate, saving you money, in the long run.

At Ajman Bank we offer a 0% Balance Transfer option with no profit payment for 3 or 6 months depending on what period you choose with a nominal processing fees. This helps our customers to consolidate their outstanding balances on other bank credit cards where they are paying high fees and charges and move to Ajman Bank with no profit charges for up to 6 months.

For details please visit the link https://www.ajmanbank.ae/site/balance-transfer-facility-.html

Contact us: For immediate assistance please dial 800 22

Credit Card Payment Options: Ajman Bank offers its customers the facility and convenience of making credit card payments at a time that suits them not only in the UAE but anywhere in the world. Payments can be made through Ajman Bank Mobile and Internet Banking channels as well as through Ajman Bank Cash and Cheque deposit machines placed at Ajman Bank branches and other locations.

Our Electronic Banking Channels include:

  • Internet Banking
  • Phone Banking
  • SMS Banking
  • Mobile Banking
  • Automated Teller Machine (ATM)/ Cash and Cheque deposit machines (CCDM)

Managing your money – 10 Tips for your financial well-being:

Financial well-being is about being in control of your financial position. It means having the knowledge and confidence to make the most of your money. Here are 10 tips that will help you to be in control of your financial position.

  1. Plan your budget:

How much money do you make? How much do you need for your routine expenses like – rent, food, school fees for kids, and other expenses? All of your information needs to be included in your budget. Begin to make a list of all your expenses for a month and set target for each category. For tracking your expenses, you may use various mobile applications that are available on Apple and Google Play store.

 

  1. Stick to your budget:

Creating a budget is relatively easy; sticking to it can be harder. So monitoring your expenses is vital. Again, you can use apps to help, which shows you how much you will have left once your regular bills and payments have come out of your account. Being conscious of when and where your spending can help you keep it under control. It can also help you spot areas where you could cut back.

 

  1. Spend smartly and wisely:

Living within our means is a basic principle that is mostly forgotten. You should know your spending limits and use your money wisely so you don’t end up facing financial difficulties. It means focusing your spending on essentials and things you really get value from. For example, you can spend money on clothes or going out with family if those are things you enjoy, but include them in your budgeting so you won’t regret it later.

 

  1. Avoid finance facilities for essential expenses:

Obtaining finance is not necessarily a bad thing. When used appropriately, it can help you improve your financial situation. In particular, you want to avoid obtaining finance for day-to-day essential expenses like food or bills, as this may lead to bigger problems. Especially if your using short-term financing or finances with high profit rates.

 

  1. Open a Savings Account:

Setting aside a part of your money into a savings account is a wise idea. This could serve your emergency fund requirements when unexpected situation arises.

 

  1. Choose the right financial products:

Choosing financial products can be hard, given the volume and complexity of options. But, again, it’s worth checking around to make sure you find the right products that are suitable for you. Online comparison sites can be a good place to start with. Take the time to fully understand products, their Key facts statement, including the terms and conditions. It’s good to get into the habit of periodically reviewing all your products, financial statements, and looking around for better deals.

 

  1. Control your Debt Burden Ratio (DBR):

Your Debt Burden Ratio is the amount of payment towards your financial obligations going out of your monthly salary. As per current CBUAE Regulations, this ratio must not exceed 50% of your gross salary. Therefore, e.g. if your salary is AED 7,000, your debt repayments must not go above AED 3,500. Ideally, you want your DBR to be 25-30% to allow for times where you may need additional finance requirement, and to pay your other lifestyle expenses.

 

  1. Prepare for the unexpected

Most of us experience the shock of an unexpected bill every once in a while. It pays to expect the unexpected and the best way to start is building up an emergency fund. This way if something does happen, you will have savings to fall back on. It is generally recommended an emergency fund be equivalent to about three months’ worth of living expenses.

 

  1. Plan for the future

Start putting money aside as soon as possible. Whether you keep this money in a savings account or invest it will depend on your individual circumstances. This would include whether you have an emergency fund yet, the size of your goal, how long you have to get there and your attitude to risk.

 

  1. Ask for advice:

Financial literacy helps you make the right calls when it comes to what to do with your money. Consider joining a financial literacy or management seminar, additionally you may contact us at 800 22 and we will route you to the expert for advice.

Below are some of the tips that will help you in effectively managing your finances;

  • Never skip the minimum payment or monthly installment to avoid paying extra charges.
  • Pay before due date and stay in line with your limits to avoid negative reporting with the Credit Information Agency (e.g. Al Etihad Credit Bureau); otherwise, you would have limitations on the ability to borrow/obtain financing in the future.
  • Increase your repayment amounts (if possible) to reduce the time it takes to pay off your finances. Any additional funds, income is always recommended to prepay/settle or reduce your liabilities, if possible