Apr 27 2008
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Mawarid Finance acquires Al Jazeera Financial Services
Dubai, April 27, 2008: Mawarid Finance has announced the acquisition of Al Jazeera Financial Services , which is specialised in the field of financial intermediation in the United Arab Emirates. This comes as a first-of-its-kind step for Mawarid since being launched and part of an optimistic plan to expand and acquire a number of successful companies working in complementary or parallel fields to that of Mawarid.
Al Jazeera was launched as a private equity company in Dubai in 2005 with a paid up capital of 30 million dirhams, and is considered to be one of the leading companies in its field and has proved its success since its early stages. It has achieved high profits since starting its operations with a client base of more than 15,000 from different areas in the UAE.
As a financial intermediation affiliate of Mawarid Finance , Al Jazeera will continue with financial intermediation as its main activity through trading companies' shares with activities that complies with the Islamic Sharia'a principles. The company's activities are concentrated in the Dubai Financial Market and Abu Dhabi Securities Market, where it has reached leading positions among its competitors in terms of trading volumes over the past few years.
Mr. Mohammed Al Neaimi, CEO of Mawarid Finance and Board Chairman of Al Jazeera Financial Services , said: "This acquisition is the first of its kind for Mawarid in terms of forming successful partnerships with a number of already existing companies, or establishing new complementary companies that will support our core activities within the Islamic finance sector, and this is also part of an optimistic plan to expand and diversify our products and client base in local and external markets."
Al Neaimi explained that the strategy on which Mawarid was built focuses on expanding into different complementary and parallel fields, and stressed that the company will announce other important expansion activities during the coming period.
He concluded saying that Mawarid is rapidly moving forward with its expansion strategy, though it is considered relatively young after being established not more than a year ago. And this is part of its aims to achieve its objectives and compete with leading players in this field of work in the local UAE and regional markets.
The acquisition of Al Jazeera Financial Services comes after Mawarid Finance recently became an establishing member in the association of leading investors who set up First Investment Bank in Bahrain .
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.
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.
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