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Mar 30 2008

Mawarid Finance launches its finance services for small and medium enterprises

CEO Mr. Mohamed Al Neaimi.
CEO Mr. Mohamed Al Neaimi.

Dubai 30 March 2008: Mawarid Finance announced today the launch of its services for small and medium enterprises (SMEs) that include a list of different finance solutions for this vital sector in the UAE to meet its demands. These services include goods finance, car finance, machinery finance, office purchasing finance, investments, Fixed Deposits, banking guarantees, labour guarantees and stock buying finance.

The announcement was made at the conclusion of the "2nd Young Businessmen Forum" held in Ras Al Khaimah from 23-28 March. Mawarid Finance was the event's exclusive sponsor, as part of its aim to interact with young businessmen and to know their finance needs in order to best create services to meet these needs, in line with , Mawarid's mission to provide creative products with respect to the market's needs. A number of experts from Mawarid's team, from different specialties, attended the forum to advise ambitious entrepreneurs who are interested in improving their business or launching new projects.

Mr. Mohammed Al Neaimi, CEO of Mawarid Finance , made the announcement in his speech in the forum's closing ceremony on March 29. Al Neaimi emphasized that Mawarid Finance focuses in a continuous way on creating initiatives that contribute to promoting the advancement of the UAE in various fields and providing support to all sectors of society. Mawarid Finance 's active participation in this forum is part of the company's main objectives to provide support to local organizations and to improve the local community, following the example of their highnesses, the leaders of UAE and the heads of local authorities, Al Neaimi explained.

"Small and medium enterprises, collectively, are the largest contributor to the development and growth of the local economy. Mawarid Finance launched a package of creative services during this forum and the main one was "E-Murabaha, which will be available soon. It's considered the first of its kind in the world. We aim through it to provide support and facilities to small and medium enterprises in an inventive way through electronic disciplines that provide convenience and all the necessary facilities for business transactions".

Al Neaimi added: "What distinguishes Mawarid Finance from other companies is its great focus on providing Islamic finance products and solutions that suit small and medium enterprises that comply with the principles of Islamic Sharia'a. We also provide Islamic finance products and services".

Al Neaimi concluded: "I confirm to you that Mawarid Finance 's initiatives to serve society are continuous, we've started by launching the Tamaiaz Award, to encourage national students and graduates. That was followed by our participation in the National Career Exhibition for the banking and finance sector in Sharjah, to support Emiratisation in this sector and to encourage young, UAE nationals to be more involved in the private business sector, especially banking and finance by providing promising employment opportunities and continuous training programs".

-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:
Maysoon Baraky
Milestones Marketing Communications
Dubai Media City - UAE
Tel: +971-050-2561157
Fax: +971-4-3678097
maysoon@milestonesmc.com

© Press Release 2008


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