The respective agreement was signed by H.E. Mr. Saeed Rashid Al Yateem, the Director of Budget& Finance Department in the ministry, and Mr. Al Walid Al Mubarak IFC Managing Director.
The ceremony was attended by number of high rank personnel and officials from both parties.
Evidently, the collaboration agreement entails granting IFC the rights to sell and recharge the E- Dirham Card, whereas the Ministry of Finance collects the governmental and administrative fees from all corporations and establishments operating within the United Arab Emirates.
This step places IFC on the list of banking & financing establishments provide the E-Dirham services besides a variety of additional financial services. Moreover, the agreement will allow IFC to facilitate client business transactions such as payments and collection of governmental fees.
The Ministry has supplied IFC with specialized collecting equipments and devices which are connected to the central network operated by the Ministry of Finance.
The E- Dirham and E- Bank Guarantees among other advanced services provided by IFC are expected to enhance the level of services granted to the investors and shareholders. Consequently, IFC is considered one of the few financing establishments that offer a comprehensive range of financial services complying with the Islamic Shariah.
Mr. Saeed Rashid Al Yateem comments: "the expansion of marketing and supplying of E- Dirham service is a result of the ministry's endeavors to develop modern technical means to collect revenue and fees".
Mr. Al Yateem notes that this effort aims to upgrade the level of services provided to the segments dealing with ministries, authorities and other governmental departments. In addition, it is considered as one of the most significant goals stated in the Ministry of Finance's strategy that seeks to achieve the Federal Government's goals and strategic objectives.
Customer satisfaction is viewed as one of the key performance indicators adopted by the ministry in order to implement its strategy, pointing out the importance of this agreement in enhancing cooperation between the public and private sectors".
On the other hand, Mr. Al Walid Al Mubarak IFC Managing Director commented
"the implementation of the E- Dirham system through the company will bring added value to both public and private sectors. Furthermore; it will provide our customers with an all-inclusive variety of high quality services. No doubt the services offered by IFC meet high international standards in terms of promptness and performance quality among other characteristics, nevertheless; we consider the joint initiative with the Ministry of Finance in providing services such as the E- Dirham as some of the most distinguished"
The E- Dirham system was launched in the year 2000, becoming one of the most prominent indicators of the United Arab Emirates' progression in the technical and informational arena. Hence, this system became the advanced alternative to the traditional methods used in collecting transaction and governmental authentication fees.
The E- Dirham system has notably reduced the need to carry cash around to pay fees and charges, furthermore; it has helped in allocating and protecting governmental revenue. Consequently, IFC will assist its customers in carrying out their governmental transactions by means of a secure, highly protected and a user-friendly system.
The Islamic Finance Company was established in October 2006 with the primary objective of financing production and service providing projects in compliance with the Islamic Shariah. IFC is mainly concerned with financing small projects and corporations. In addition to this, it finances projects of profession based on the expertise of a small number of individuals whose production encompasses 80% of the United Arab Emirates' economic production base.
The new financial services provided by IFC along with its previous services contribute in enhancing its transactions in the local financial market, simultaneously; strengthening the customer's trust in the company and its services.