Mawarid Finance plans to launch the first E-Murabaha service in the world

Mawarid Finance announced its plans to launch the new service "E- Murabaha" at a press conference today at the Dusit Dubai hotel.

This new service is considered the first of its kind worldwide and aims to provide support and facilities for small and medium enterprises (SMEs) in a creative way, through electronic disciplines that provide convenience and all the necessary facilities for business transactions.

The press conference was attended by Mr. Mohamed Musabbeh Al Neaimi, Chief Executive Officer, Mawarid Finance. Also attending were Ms. Entisar Al Suwaidi, Vice Chairman & Managing Director, Universal Payment Services (UPS) - Kuwait, which developed the system, Mr. Saad Doukali, Head of Business Development and Marketing, UPS, and both parties project teams.

On the occasion of preparing this new service, Mr. Al Neaimi said: "We promised our customers, since the foundation of the company, new and advanced Islamic financial services.

We are now implementing our promise through announcing today the start of the performing stage for the new service "E-Murabaha", which is considered the first worldwide, and this shows that Mawarid Finance is a pioneer in the field of creative products and services".

Al Neaimi added: "It's the duty of every banking organization that works along with the Islamic Sharia'a principles, to work on improving services. And instead of working on achieving success through providing available products, working on finding solutions and new products so that Islamic financing can compete with traditional financing.

This new service is a part of range of services provided by "Mawarid Finance" through which we aim, as well as with future initiatives, to provide individuals and companies with the best financing services that comply with Islamic Sharia'a rules."

E-Murabaha is a new service that provides online financing facilities, especially for SME clients. It is due to be launched formally within the next few months after the system, which has been developed exclusively for Mawarid, is finalized.

The new service will include a website that links to Mawarid's main site (www.mawarid.ae). Clients will benefit from the online financing facility, saving precious time and valuable resources.

E-Murabaha works on the Murabaha mode of Islamic finance where SME clients will have pre approved online financing limits for their requirements. By using their E-Murabaha card they will be able to log-in to their accounts and will use their limits. After confirming their transactions, Mawarid will pay their vendors.

The site includes a special and detailed file for each client, linking all the client's previous requests. Ms. Entisar Al Suwaidi, Vice Chairman & Managing Director of Universal Payment Services (UPS) - Kuwait, said UPS was thrilled to cooperate with Mawarid Finance on the project.

"The cooperation in preparing the E-Murabaha service, which is the first of its kind worldwide, is not an unusual step from Mawarid Finance, which was able since its inception to pioneer and provide advanced facilities for clients. By launching this service, Mawarid Finance will be proving again and again its abilities and limitless initiatives to serve the whole society," Al Suwaidi said.

She added: "We are glad to work with Mawarid Finance in preparing this service that's based on very developed techniques and we hope that this cooperation will be long-term to include a number of other services which make use of recent technologies in the world of Islamic finance.

And the fact that Mawarid has selected to use UPS Services makes us very proud as it clearly demonstrates the successful growth of UPS and its regional strength & presence as a leading provider outsourcing and third party processing."

Mr. Al Neaimi emphasised, during the press conference, Mawarid Finance's commitment to provide services and initiatives that help to advance the country and that Mawarid Finance will always take various steps to assist in enhancing the development on different levels.

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.