Mawarid Finance moves into foreign investment

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Mawarid's deputy CEO and board member, Saleh Abdul Ghaffar Al Hashimi, joins the bank's board of directors and control and auditing committee.

A group of leading GCC investment companies have established the new bank with a paid up capital of $120m, aiming to develop new Islamic investment products and benefit from the growth opportunities and liquidity in the region.

Al Hashimi said that Mawarid's share in the new investment is 8.33% is its first foreign investment since the establishment of the company, after which it started exploring new investment opportunities in a number of markets. Mawarid has made substantial progress in this direction through a number of similar projects which it plans to announce on a continuing basis.

'Our involvement in establishing the First Investment Bank reveals our commitment and objectives to occupy a leading position among top Islamic finance organisations and play a big role in developing this industry, not only in the UAE but also in leading markets that provide promising investment opportunities,' Al Hashimi added.

'As well as being close in what we do at Mawarid, the new bank will figure prominent in direct investments, private investments and infrastructures through special investment portfolios that it will be introducing.'

He also stressed that the economic growth in all Gulf countries and the extra funds available are creating huge investment opportunities for finance and investment companies which play a key role in the economic cycle by attracting and hosting capital funds though rewarding investment opportunities, preventing their departure to foreign markets or the need for foreign financing.

Al Hashimi indicated that Mawarid Finance would soon announce several huge projects in the UAE and beyond.

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 dirhams. The company plans to introduce a new vision within the Islamic finance sector to both retail and corporate customers in the region.