Mawarid Finance makes 5% cash distribution to stakeholders in its first year

Mawarid Finance announced the net profit of Dhs95.1m since incorporation in last quarter of 2006.

Shareholders' equity rose to Dhs1.095bn at the end of 2007, a 9.5% increase on the original value of the shares.

The company's total assets increased by 13.6% to reach Dhs1.136bn at the end of 2007, which shows the consistent development of the company in enhancing its financial position and building its services and operations

Omran Sultan Abdullah Al Owais, Chairman of Mawarid, announced the results during the company's general assembly at the Hyatt Regency Dubai on Monday 21 April 2008. Also attending were the Board of Directors, senior company members and many stakeholders.

Mawarid also advised shareholders of its future plans and the share holders approved the distribution of 5% cash dividends.

Net profits in 2007 of Dhs57.4m were complemented the net profit of Dhs37.7m in 2006. This return came as a result of investments, finance operations and services provided by the company during that period. And what deepens the company more is its full independence, ultimate work flexibility and the capital provided, in addition to its strategy to be a niche player in the Islamic finance industry.

Commenting on the figures, Al Owais said that results had greatly exceeded expectations, indicating that the company achieved its main goals for this period. He also affirmed Mawarid's commitment to continuously work on achieving all its goals that mainly include
providing innovative Sharia'a compliant financial services and positioning the company as a leading Islamic finance company in the region.

'The results achieved are an outcome of the strategies the company implemented in its diverse fields of work, and the most significant is providing creative financial services and products that strictly comply with the Islamic Sharia regulations, in addition to enhancing pioneer investment opportunities. Moreover, creating unique products to service our clients has contributed to positive financial results of the last year.' Al Owais said

Al Owais explained: 'Mawarid Finance gives great importance to diversity of its investment portfolios through contributing directly or indirectly to all promising fields of the country's economy. The company has also adopted the policy of investing diversely by finding opportunities in the country's market and supporting this by building and developing a group of strategic partners'

Al Owais concluded: 'The officials at Mawarid Finance have a deep faith in the national Emirati abilities and they are giving them priority in employment opportunities. That's why we've taken the policy of continuous encouragement and development of our human resources and we also follow a supportive policy for Emiratisation. At the end of 2007, the company achieved 30% Emiratisation.'