Mawarid Finance has completed preparations for going public. The Dubai-based firm has submitted its application to the UAE Central Bank and is waiting to hear whether it will be allowed to sell its shares to the public.
Meanwhile, Mawarid is to hold an annual general meeting to discuss increasing the company’s capital, which currently stands at Dh1 billion, said CEO Mohamed Musabbeh Al Neaimi.
Mawarid was set up as a private joint stock company in 2006 and is the only fully independent finance company in the UAE. Al Neaimi said its shares were divided among 350 investors, with companies limited to a maximum holding of five per cent and individuals restricted to no more than 2.5 per cent.
“This enables the company to enjoy a remarkable position in the Islamic banking market in the UAE,” he said.
“Mawarid Finance specialises in the development and provision of competitive financial services according to Islamic principles. It is keen to achieve quick growth and provide high-quality services to all its clients.”
He also announced the launch of E-Murabaha, a new service providing online financing services. “E-Murabaha is considered the first of its kind worldwide and aims to provide facilities for small and medium enterprises in a creative way, through electronic channels that provide convenience and all the necessary facilities for business transactions.
“We promised our customers that we would provide new and advanced Islamic financial services. We are now implementing our promise through announcing E-Murabaha, which shows that Mawarid Finance is a pioneer in the field of creative products and services.
“It’s the duty of every banking organisation that works on Shariah principles to improve services. Instead of achieving success through products that are already available we are creating new products so that Islamic financing can compete with traditional financing. This product is one of a range of services through which we aim, along with future initiatives, to provide individuals and companies with the best financing services that comply with Shariah rules.
“The company’s strategy depends on the provision of all services for all sectors, including real estate, commerce, banking, e-Murabaha and car finance.”
The service will be active within the next few months.
Mawarid Finance seeks IPO approval