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Dec 05 2007

Mawarid Finance signs financing agreement with ETA Star for Centrium units

Mohamad Al Nuaimi
Mohamad Al Nuaimi

Dubai, December 5 2007: Mawarid Finance has signed a partnership agreement with ETA Star , one of the UAE's leading real estate developers, to provide financing to customers buying units in the Centrium project being developed by ETA at the International Media Production Zone (IMPZ) .

"We at Mawarid Finance always aim to provide the best services to our customers through signing deals with leading companies in the UAE and the region," said chief executive Mohammed Al Neaimi.

"This agreement signed with ETA Star is part of the continuous efforts in this regard".

"Interested customers can buy units in Centrium project with the assurance that they will receive the highest levels of service from Mawarid Finance that provides superior Islamic finance products and services".

"The financing of the Centrium units is based on the Ijara principle with an undertaking to transfer title on fulfilment of the buyer's contractual commitments."

Centrium consists of four towers, connected to each other by bridges and with common facilities in a spacious garden setting. Apartments are available in one, two, or three bedroom configurations and all are equipped with the latest high-tech facilities.

The project is characterised by close proximity to major developments in Dubai such as Emirates Hills, Jumeirah Lakes, Jumeirah Village, Arabian Ranches, and Springs.

Abid A Junaid, ETA Star 's executive director said: "We are delighted to sign this agreement with Mawarid Finance which since being launched has proved that it's capable of providing superior Islamic finance products and services that satisfy all consumers' needs. We are convinced that our partnership in the Centrium project will play a role in increasing the opportunities for clients wishing to buy special units through financing them with a well-trusted company that provides high-value services."

Potential buyers can benefit from 95 per cent financing and they will also have to start paying their installments after moving to their apartments. Mawarid also offers a package of value-added services by keeping the best interests of customers in mind.

"The agreement with ETA Star is one of many agreements we'll be signing with top companies to satisfy all customers' financing needs, either those looking to buy a home, a car, or whatever their requirements may be," Al Neaimi added.

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 dirhams. The company plans to introduce a new vision within the Islamic finance sector to both retail and corporate customers in the region.

-Ends-

Mawarid Finance
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 352 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.

Mawarid draws its strength from a solid vision for the future articulated by a team of leading industry professionals, 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.

For more information, please contact:
Yasmine Al Husseiny
Milestones Marketing Communications
Tel: +971-(0)4- 3691028
Fax: +971-(0)4-3678097
e-mail: pr@milestonesmc.com

© Press Release 2007


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