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Nov 11 2007

Platinum sponsorship from Mawarid finance for the 9th Middle East International Motor Show in Dubai

Dubai, November 11 2007: The 9th Middle East International Motor Show 2007 being held in Dubai this week will be distinguished by strong participation from Mawarid Finance as a platinum sponsor.

Mohamed Musabbeh Al Neaimi, Mawarid's chief executive officer, stressed that the sponsorship is based on enhancing the company's position within the vehicle financing market.

"We seek to satisfy the huge growth in demand for vehicle ownership in the UAE that stems from the increasing population figures and the rising demand from expatriates to buy new or used vehicles," he said.

Al Neaimi pointed out that the UAE ratio of one vehicle for every two people is one of the highest in the world.

Economic prosperity and rising income per capita also play a role in stimulating demand, particularly for up-market and luxury cars.

"UAE and Gulf nationals in general are great enthusiasts for luxury and special cars, which in turn boosts the vehicles industry further and increases the demand for vehicle financing," he explained.

About 60-70 per cent of vehicles sold in the region are subject finance agreements, with expectations that the industry will soon reach a total value of about 12 billion dirhams.

Mawarid aims to attract a major share of the total vehicle financing industry during the coming two years, by increasing awareness of the company and its innovative products.

"Promotional activities of this nature include our participation in the Middle East International Motor Show, so as to promote the company further and interact directly with visitors, said Al Neaimi.

"This enables us to acquire an intimate knowledge of the market , which in turn will lead to further refinement and customisation of our products and services so that can satisfy customer demand even better and more effectively."

Mawarid also aims to enhance its relationship with some of the leading participating companies in the exhibition including retailers of new and used cars, establishes strategic alliances with them to provide financing services according to the sharia'a-complaint principle of Murabaha.

Mawarid Finance began financing vehicles through its "Sayyarat Mawarid" programme based on Islamic principles and with the best regulations within the UAE. The company covers the entire purchase price if the vehicle costs more than 70,000 dirham and resells it back to the buyer through instalments over 72 months - the UAE's longest loan period for vehicle finance.

"Sayyarat Mawarid" is one of the company's many leading products, services, and investment opportunities offered for personal and corporate applications. All are based on Islamic financing concepts such as Murabaha, Ijara, Istisnaa, Mudharaba, Musharaka, and Wakala.

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

-Ends-

© Press Release 2007


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