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MoU signed between Mawarid Finance and Tanmia to enhance the Emiratisation drive

Dubai: 20 April 2008: Mawarid Finance , the pioneer national Islamic finance company, and Tanmia, the National Human Resource Development & Employment Authority in the UAE, recently signed an MoU to increase job opportunities for nationals, particularly in the Banking & Finance industry.

The agreement was signed by Mr. Mohamed Al Neaimi, CEO Mawarid and Ms. Feddah Abdulla Lootah - Acting Director General Tanmia , during the Careers UAE 2008 Exhibition at Dubai International Convention and Exhibition Centre last week. A number of officials from both organisations also attended.

The MoU comes as a result of the complementary roles of both parties in providing full support for the UAE's Emiratisation strategies and enhancing job opportunities for nationals in both the public and private sectors, in addition to ensuring both parties' willingness to activate a real and dynamic partnership.

Commenting on the MoU, Feddah Abdulla Lootah said: "Because of the main role Tanmia is playing in preparing and making use of national abilities willing to enter the job market and going along with the Emiratisation strategy in the country and enhancing national employment opportunities and the policy of attracting and developing national human resources in both the private and public sectors, we decided to sign this agreement with one of the most significant Islamic finance companies in the country, Mawarid Finance . Mawarid focuses on providing promising job opportunities for Emirati youth who have the right skills and qualifications."

Under the agreement, Tanmia will provide suggestions and comprehensive plan for Mawarid to achieve its Emiratisation targets. Tanmia will also provide its extensive service, which includes registration, nomination of candidates for the preparation programmes and work orientation for job seekers. The agreement also states that Mawarid Finance will be given access to Tanmia 's database in order to screen job seekers for employment opportunities at Mawarid .

Mr. Mohammed Al Neaimi praised the agreement and said it would be the first of many agreements to foster Emiratisation.

"This agreement reflects the company's strategy to attract and develop national human resources and create opportunities for them in various fields, mainly in Banking and Finance.

Mawarid Finance will continue to sign agreements that support the Emiratisation policy and support the role of national youth in various levels and in different fields in society whether economic, academic or social or any other different field."

In addition to that, the agreement will also promote Mawarid 's Tamaiaz Award, which was launched last year to encourage creativity in Emirati university students. Job seekers registered with Tanmia will be encouraged to apply for the award and Tanmia will cooperate in marketing the award to governmental and private organisations, as well organising special marketing programmes agreed by both parties.

The Tamaiaz Award is considered a pioneer initiative which contributes effectively in enhancing national qualifications and providing the latter with job opportunities by bridging the traditional gap between academic studies and the job market. It aims to enhance the Emiratisation process in various fields, especially in Banking & Finance.

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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
Tel: +971-4- 3658491
maysoon@milestonesmc.com

© Press Release 2008

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