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Oct 23 2007

Mawarid Finance: New private joint stock company

Mawarid Finance is a new private joint stock company established in Dubai, UAE, towards the end of 2006 with a paid-up capital of one billion dirhams. The company plans to introduce a new vision within the Islamic finance sector to both retail and corporate customers in the region.

Mawarid Finance is the only finance company in the UAE that is completely independent. The company's shares are distributed across more than 350 shareholders, with companies or organisations owning not more than 5% each of the capital and no individual shareholder's stake exceeding 2.5%, giving the company the operational freedom to secure a leading position in the Islamic banking market in the UAE.

Mawarid Finance specialises in the competitive development of Sharia'a compliant financial services, focusing on rapid growth through outstanding customer service.

Mawarid Finance is structured as an integrated financial institution that specialises in providing all services related to finance and business, responsive to the rapid growth taking place in Dubai and modelled on the spectacular development of Dubai and the UAE as a whole.

The Strength of Mawarid Finance derives from the exceptional talent vested in its personnel- dedicated and seasoned professionals with long experience and know-how in the modern financial services sector within different geographical services locations, and a deep knowledge of Islamic finance. They drive the company's ambitious growth strategy in operations, sales and marketing, and communications, using their exceptional capabilities to accurately implement corporate plans.

The company maintains a close-knit network of strategic partners and business associates, and the financial backing and support of well-established shareholders.

Mawarid 's mission is to create superior and exceptionally innovative Sharia'a- compliant products and services, sustaining high-quality performance and maximising market share to become the first choice provider of Islamic financial solutions in a modern business environment.

-Ends-

© Press Release 2007


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