Murabaha, Manfa' and Tawarruq are available across Mashreq branches
Dubai, United Arab Emirates, 21st November 2010: Mashreq Al Islami, the Islamic banking division of Mashreq announced today the launch of its new specialist 'Islamic Personal Finance' products which are tailored to suit the financial needs of customers looking for Sharia'h compliant personal finance.
The new products are available under three Islamic concepts; Goods Murabaha, Service Ijarah (Manfa') and Tawarruq, and are available to all customers across the UAE.
These products cater to the needs and those customers seeking Sharia'h Complaint banking personal finance and are available to both UAE Nationals and Expatriates.
"In line with other products and services offered by Mashreq Al Islami, our new Islamic Personal Finance packages are both convenient and affordable", said Douglas Beckett Head of Retail Banking Group at Mashreq.
"By offering three different Islamic options at competitive rates, customers can choose the product which best fits their need. It's another example of how Mashreq Al Islami is developing and launching convenient financial solutions to match customer requirements, Beckett added.
"Islamic banking is becoming increasingly preferred as an alternative to mainstream banking for all banking & finance segments. At Mashreq Al Islami we continuously look forward to offering unique Shari'ah compliant products and services to meet growing demands of islamic customers" said Moinuddin Malim, CEO of Mashreq Al Islami.
Through Murabaha, customers will be able to buy personal products such as furniture or a car. On the other hand, Service Ijarah (Manfa') will provide funds to customers who are looking to finance services such as a holiday or education, while Tawarruq is a cash lending facility for those looking for Sharia'h compliant personal finance.
These products come with flexible repayment plans, simple documentation, easy processes, and competitive profit rates. In line with Mashreq's vision to provide convenience to its customers, Mashreq Al Islami's line of products offers true value to its Islamic banking customers.
Mashreq Al Islami is being led by a fully independent and experienced management team. As the Islamic products and services are marketed through all of Mashreq branches in the UAE and all Mashreq branch personnel are fully trained and Sharia'h Certified to serve and advise on Sharia'h-compliant products and services.
For more information on Mashreq Al Islami, please log on to www.mashreqalislami.com or call 04- 4244411.
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About Mashreq:
Mashreq is one of the largest banks in the UAE. Founded in 1967 as Bank of Oman, the bank has played a pioneering role in the industry, particularly in retail banking. Among its many firsts, it was the first to launch such products as travelers' cheques, credit cards and ATMs.
Mashreq has received numerous international awards such as the Best Bank in the UAE in 2008 from Euro money and various awards particularly for quality management. It's most recent acknowledgement was Best Consumer Internet Bank in Qatar 2009 & 2010, Best Consumer Internet Bank regionally by Global Finance Awards 2009 and Best Emerging Market Banks Middle East by Global Finance Awards 2010.
As a leading financial Institution in the UAE Mashreq aims to be world class in every facet of its business, including its social responsibility to the community it serves. Towards this goal the bank pays particular attention to recruiting, training, developing and retaining UAE National employees.
For further information, please contact
Samir Hammad
PR Manager, Mashreq
Tel: 04 -6083701 / Mob. 050-8832021
Email: SamirH@mashreqbank.com
Nancy D'Souza
Gulf Hill & Knowlton
Tel: 04 334 4930
Email: Nancy.DSouza@hillandknowlton.com
Huda Ismail
Asst. PR Manager, Mashreq
Tel: 04 - 6083629
Email: HudaI@mashreqbank.com
© Press Release 2010
