Mawarid Finance aims to play a leading role in Dhs12bn motor market

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Mawarid aims to enhance it position in the Dhs12 bn vehicle financing industry by increasing awareness of the company and its innovative products.

It is interacting directly with visitors to enhance market knowledge, strengthening its relationship with leading exhibitors - including retailers of new and used cars, and setting up strategic alliances to provide sharia'a-complaint financing services based on the Murabaha principle.

Mawarid has launched a survey 'What is your dream car?, distributed through its three stands at show and researching preferences for vehicle types, colours, and equipment - with lucky draw prizes for visitors completing the questionnaire.

Chief executive officer Mohamed Musabbeh Al Neaimi stressed that the motor show sponsorship is based on enhancing the company's position within the vehicle financing market.

'We seek to satisfy the huge growth in demand for vehicle ownership in the UAE that stems from the increasing population figures and the rising demand from expatriates to buy new or used vehicles,' he said.

He pointed out that the UAE ratio of one vehicle for every two people is one of the highest in the world.

Economic prosperity and rising income per capita also play a role in stimulating demand, particularly for up-market and luxury cars.

'UAE and Gulf nationals in general are great enthusiasts for luxury and special cars, which in turn boosts the vehicle industry further and increases the demand for financing,' he explained.

About 60-70 per cent of vehicles sold in the region are subject finance agreements, with expectations that the industry will soon reach a total value of about 12 billion dirhams.

Mawarid aims to attract a major share of the total vehicle financing industry during the coming two years, by increasing awareness of the company and its innovative products and through continuous studies of the market and customer preferences, as well as establishing strategic alliances with retailers to provide sharia'a-complaint Murabaha-based financing.

Mawarid Finance began financing vehicles through its 'Sayyarat Mawarid' programme based on Islamic principles and with the best regulations within the UAE. The company covers the entire purchase price if the vehicle costs more than 70,000 dirhams and resells it to the buyer through instalments over 72 months - the UAE's longest loan period for vehicle finance.

'Sayyarat Mawarid' is one of the many products, services, and investment opportunities offered for personal and corporate applications. All are based on Islamic financing concepts such as Murabaha, Ijara, Istisnaa, Mudharaba, Musharaka, and Wakala.

Mawarid Finance is a private joint stock company established in Dubai, UAE, towards the end of 2006 with a paid-up capital of one billion dirham. The company plans to introduce a new vision within the Islamic finance sector to both retail and corporate customers in the region.

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