×
×
Advertisement

Dec 16 2007

Mawarid Finance moves into foreign investment

Saleh Al Hashimi
Saleh Al Hashimi

Key role in establishing First Investment Bank in Bahrain

Dubai, December 16 2007: Mawarid Finance has become an establishing member in the association of leading investors who have set up First Investment Bank in Bahrain.

Mawarid 's deputy CEO and board member, Saleh Abdul Ghaffar Al Hashimi, joins the bank's board of directors and control and auditing committee.

A group of leading GCC investment companies have established the new bank with a paid up capital of $120 million, aiming to develop new Islamic investment products and benefit from the growth opportunities and liquidity in the region.

Al Hashimi said that Mawarid 's share in the new investment is 8.33 per cent is its first foreign investment since the establishment of the company, after which it started exploring new investment opportunities in a number of markets. Mawarid has made substantial progress in this direction through a number of similar projects which it plans to announce on a continuing basis.

"Our involvement in establishing the First Investment Bank reveals our commitment and objectives to occupy a leading position among top Islamic finance organisations and play a big role in developing this industry, not only in the UAE but also in leading markets that provide promising investment opportunities," Al Hashimi added.

"As well as being close in what we do at Mawarid , the new bank will figure prominent in direct investments, private investments and infrastructures through special investment portfolios that it will be introducing."

He also stressed that the economic growth in all Gulf countries and the extra funds available are creating huge investment opportunities for finance and investment companies which play a key role in the economic cycle by attracting and hosting capital funds though rewarding investment opportunities, preventing their departure to foreign markets or the need for foreign financing.

Al Hashimi indicated that Mawarid Finance would soon announce several huge projects in the UAE and beyond.

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


© Copyright Zawya. All Rights Reserved.


Be the first to comment

Send This Article To Your Friends

All fields are required.

Use commas for multiple email addresses

We'll use your email address to send the article on your behalf and it will not be collected or used for any other purposes.

X