National Bank of Fujairah and Fanar Advisor Sign MoU to Strengthen SME Banking Distribution

Fanar Advisor, an AJMS Group entity and boutique advisory firm headquartered in the UAE with a presence across multiple jurisdictions, has signed a Memorandum of Understanding (MoU) with National Bank of Fujairah PJSC (NBF) to establish a structured direct sales agent (DSA) partnership.

The collaboration will support NBF’s customer acquisition strategy across SME and corporate banking products, reinforcing a disciplined and scalable distribution framework.

The MoU formalizes a collaborative framework under which Fanar Advisor will act as a direct sales agent and referral partner, supporting lead generation, customer onboarding coordination, and market outreach for selected NBF banking products, in full alignment with UAE Central Bank regulations and NBF’s internal governance standards.

Commenting on the signing, Dr. Abhishek Jajoo, Chairman, AJMS, noted that the partnership reflects a shared commitment to responsible growth, regulatory compliance, and customer-centric banking distribution and said, “This MoU is built on strong governance foundations. Our role is to support NBF’s growth objectives while maintaining the highest standards of market conduct, transparency, and regulatory alignment. We see significant opportunity in supporting digital banking models, including structured universal account solutions and AI-enabled service frameworks that enhance operational efficiency and customer engagement.”

Commenting on the collaboration, Adnan Anwar, Chief Executive Officer of National Bank of Fujairah, stated, “At National Bank of Fujairah, we are committed to expanding our reach across the SME segment through disciplined, compliance-led partnerships. Our collaboration with Fanar strengthens our distribution ecosystem while ensuring that customer protection, regulatory adherence, and service excellence remain central to our growth strategy. We see this partnership as an extension of our digital and relationship banking model, designed to better serve entrepreneurs and growing businesses across the UAE.”

The partnership is designed to operate strictly within an approved DSA framework, ensuring that all product offerings, approvals, and contractual relationships remain solely with National Bank of Fujairah.

Through this collaboration, Fanar Advisor will leverage its business setup, advisory, and client acquisition ecosystem to introduce qualified SME, startup, and corporate clients to NBF, supporting account opening and product origination across agreed banking services.

The MoU incorporates robust compliance safeguards, including strict adherence to the UAE Central Bank’s Consumer Protection Regulations. It ensures full alignment with AML/CFT and KYC requirements, with all due diligence and onboarding decisions remaining solely under the authority of NBF. The framework also mandates controlled sales conduct, approved scripting, and the prohibition of mis-selling or inducement-based practices, alongside a clear segregation of responsibilities between the bank and the DSA partner. Under the agreement, Fanar will operate exclusively as a referral and sales support partner and will neither provide financial advice nor approve products or contractually represent the bank.

The partnership is designed to deliver measurable value to NBF by ensuring a consistent flow of pre-qualified SME and corporate leads, while reducing onboarding turnaround times through centralized coordination. It also aims to expand the bank’s reach among entrepreneurs, startups, and growing businesses, supported by data-driven reporting on lead generation, conversion rates, and overall operational performance.