Mawarid Exchange signs Memorandum of Understanding With YES BANK

Dubai: Mawarid Exchange, the leading exchange company in UAE and one of Mawarid Finance subsidiaries, has recently signed a Memorandum of Understanding with YES BANK one of the top banks in India. The aim of this agreement is to establish a strategic partnership which shall enable Mawarid Exchange to develop effective relationships and cooperation through the wide banking network which covers all parts of India and supported with over 1000 branches and 1800 Automatic Teller Machines operated by YES BANK. This Memorandum of Understanding comes within Mawarid Exchange efforts to meet the customers’ needs and provide the best services including faster money transfers in the different states and cities of India and worldwide.

In his comment on this partnership Mr. Ahmed Ali Bin Haider, General Manager, Mawarid Exchange said “This agreement shall enhance the relation with YES BANK, being one of the fast growing banks in India. With the wide range of the unique services and products offered that contributed to expansion of the bank’s customer base, which in turn shall positively enhance Mawarid Exchange position in the Indian market and attract more customers from the Indian community in UAE”.

He added “the steady growth of UAE economy and the positive progress witnessed by the different sectors including travel and tourism, commerce, construction and properties sectors, offering more employment opportunities and result in increasing the number of expatriates in UAE, the thing which is expected to support the business of the money transfers sector”.

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Mawarid Exchange:

Mawarid Exchange is a shariah compliant Money Exchange company, which is a wholly owned subsidiary of Mawarid. Considered as the first Shariah Compliant exchange house in the region, Mawarid Finance acquired 90% stake in H&A Exchange in 2012 which was subsequently renamed as Mawarid Exchange in 2013. Mawarid Exchange has branches across the UAE. Mawarid Exchange offers diverse Sharia compliant products and services such as money exchanges, buying and selling of travelers’ cheques, remittance services in local and foreign currencies, sale and distribution services for financial instruments such as National Bonds and other permitted activities Shariah compliant services.