Mawarid Finance

Mawarid Finance
Mawarid Finance
Type Private Joint-Stock Company (PJSC)
Industry Shari'a Compliant Financial Services
Founded 2006
Headquarters Dubai, United Arab Emirates
Key people Omran Sultan Abdullah Al Owais, Chairman
Abdul Ghaffar Al Sayed Mohammed Al Hashimi, Deputy Chairman
Mohamed Ali Musabbeh Al Neaimi, CEO
Services Floos- Services for SMEs
Floosi- Individual Cash Facility
Working Capital
Damanat- Labor Guarantees
Letters of Guarantee
Goods Finance
Wakala Investments
Share Finance
Trust Account
Invoice Finance
Commercial Office Finance
Business Account
Sayyarat Mawarid- Auto Finance
Aqarat Mawarid- Home Finance
Total assets AED 1.18 billion[1]
Total equity AED 0.99 billion[2]
Subsidiaries IFS
Al Jazeera Financial Services
Takaful House
MFI Investments

Mawarid Finance is a private joint stock company in Dubai, UAE providing Shari'a-compliant financial services. It was founded in 2006 with a paid-up capital of AED 1 billion.[3] All of its products are based on Islamic financial principles such as Ijarah, Istisnaa, Murabaha, Mudharaba, Musharaka, Kafalah and Wakala and its practices are governed by a full Sharia board.

It is the only finance company in the UAE that is completely independent. In an effort to give itself operational freedom, its shares are distributed across more than 350 shareholders, with companies or organisations owning not more than 5% each of the capital and no individual shareholder's stake exceeding 2.5%[4]

The company markets itself with the tagline Falak Tayyeb (in Arabic) which in English roughly translates as 'Consider it done'. This symbolizes its commitment to fast and personalized service.[5]

Mawarid's primary goal has been to support and participate in the development of the UAE economy by:

  • Supporting small and medium businesses (SMEs) which comprise 85% of the companies registered in the UAE.[6] To this end, it spearheads a successful Falak Tayyeb for SMEs campaign.
  • Actively encouraging UAE Nationals to participate in the nation's development through a policy of Emiratisation. Emiratis comprise more than 30% of Mawarid's workforce and their percentage rises to more than 70% in executive positions.[7] This is in contrast to the 0.34% average in UAE's private sector.[8]


Company innovation

  • A unique product called eMurabaha was launched in 2008 which allows a customer to request, follow up and manage funding online through a fund management system following the Islamic mode of Murabaha.[9] In 2011, this product won the 'Idea of the Year' award at the Ideas.Arabia 6th International Conference.[10]
  • Mawarid partners with Alaswaq Alarabiya of Al Arabiya News Channel on the first e-portal of its kind- dedicated to providing information and serving as a directory of Islamic finance products and services.[11]
  • Apart from its Falak Tayyeb campaign which is the only local phrase to be used as a brand tagline in the region, it uses the Origami art form in its product branding. This serves "as a visual metaphor for not only the precision and intricate care that the company has taken with its customised products but also the blank page that Mawarid Finance shares with its customers before building their future".[12]
Mawarid Origami Branding
Mawarid Origami Branding

Significant achievements

Mawarid Finance has had the following achievements, earning the brand recognition[13][14]:

  • Gained ISO 9001 certification in 2008.
  • Won the Bizz Arab Business Excellence Award by the World Confederation of Business in 2008.[15]
  • Won a Dubai Human Development Award in 2008.[16]
  • Won 'Human Resources Development'- Sharjah award in 2008 for achieving the highest rate of Emiratisation compared to thirteen other working financial corporations in the market.
  • Awarded Best Home Finance Provider at the 2008 CPI Financial awards organised by the Islamic Business and Finance Magazine from CPI Financial.[17]
  • Voted a 'Superbrand' in 2009 and 2010 by UAE Superbrands Council. Mawarid stayed in the list in 2010 even though several luxury brands and banks were dropped from the top brand lists due to the global economic crisis.[18]
  • Only private company to be awarded the Emirates Social Award 2010 by the Ministry of Social Affairs, UAE.[19]
  • Won Dubai Quality Appreciation Award 2010 in the Finance category by the Department of Economic Development, Dubai.
  • Awarded Idea of the Year 2010 by the Dubai Quality Group at the Ideas.Arabia 5th International Conference for the MAN Model designed by Mawarid CEO, Mohamed Ali Musabbeh Al Neaimi. The MAN Model is an integrated system for decision making, risk management and pricing strategy for financial institutions.[20]
  • Gold category winner of Idea of the Year 2011 for eMurhabaha at the Ideas.Arabia 6th International Conference organized by the Dubai Quality Group.[21]

Company history


  • Moved outside UAE by becoming one among the establishing investors who set up First Investment Bank- an Islamic investment company in Bahrain.[22]
  • Authorized by UAE's Ministry of Finance and Industry to provide automatic registration of bank guarantees issued in favour of the Ministry of Labor through the e-Dirham system.[23]
  • Platinum sponsor of the 9th Middle East International Motor Show, offering the longest auto loan tenor of 72 months in the UAE.[24]
    Research conducted by Mawarid during the Auto Show showed that a "BMW is the dream car in the UAE while Emiratis' fantasy is a Bentley".[25]
  • Teamed with ETA Star to provide Ijara financing to customers buying units in ETA's Centrium project. In Ijara, the title is transferred to the buyer upon contract fulfillment.[26]


  • Announced the launch of its services for small and medium enterprises (SMEs) while sponsoring the "2nd Young Businessmen Forum" in Ras Al Khaimah. These services include goods finance, car finance, machinery finance, office purchasing finance, investments, fixed deposits, bank guarantees, labour guarantees and stock buying finance.[27] Along with the Mohammed Bin Rashid Establishment for Young Business Leaders, it began a campaign to support youth enterprise. The Falak Tayyeb for SMEs campaign, with an investment of AED 600 million from Mawarid in 2008, would enable both parties to share databases with the goal of providing innovate Islamic financial services to this crucial sector.[28] Subsequently, Mawarid has organized many discussion forums with both the government and private sectors (including entering into an MoU with the Ajman Businesswomen Council in 2009)[29][30][31][32] and joined the Arab Union for Small Enterprises.[33] This campaign has received much support and appreciation in the region.[34]
  • Appointed as account trustee for all property development Guarantee Accounts approved by the Dubai Land Department. Mawarid was chosen because of its expertise in the area and its Shari'a compliance.[36]
  • Partnered with real estate developers, Cayan to provide Islamic finance for buyers in Cayan projects. The latter is credited with projects like the Infinity Tower- A luxury 'twisting tower' with panoramic views of the Arabian ocean.[37]
  • Officially categorized as a bank operating in the UAE when it was authorized to issue certificates of deposit by the Dubai Department of Economic Development.[38]
  • Entered into an MoU with the UAE Ministry of Health to provide the Health Fund both financial and logistic services on an annual basis.[39]
Mawarid subsidiary
  • Mawarid acquired Al Jazeera Financial Services, a private equity company specializing in financial intermediation and investment in Shari'a-compliant stocks on both ADX and DFM.[40]
  • Dar Al Takaful (Takaful House), a joint stock Islamic insurance company of which Mawarid is the main founder, went public in July 2008.[41]


  • Received further support in its Falak Tayyeb for SMEs campaign when it signed MoUs with Talal Abu-Ghazaleh International[42] and Ruwad establishment.[43]
  • Chosen by the Arab Science and Technology Foundation (ASTF) and the Arab Union of Small Enterprises (AUSE) to organize the First Arab Industrial Enterprises Competition for SMEs. The competition, with an award allocation of $850,000, "aims to encourage and inspire the Arab youth to establish new industrial enterprises".[44]
  • Announced a tie-up with the UAE government to set up a central body to oversee and promote SMEs in the region while continuing to hold forums on the initiative.[45][46]


  • Launched a new scheme- Arbah Investment Club- offering Islamic investment opportunities for its customers.


Mawarid subsidiary
  • Mawarid launched IFS which provides banks, private companies and the government with Islamic Banking and Takaful outsourced services.[47] Rehab Lootah, Mawarid's Head of Business Development, Products and Corporate Communications, the first woman recipient of CIMA's Islamic finance certificate[48] and also the recipient of the 2010 Feigenbaum Leadership Excellence Award,[49] serves as the Managing Director of IFS.

Social responsibility

  • In 2007, Mawarid launched the Tamaiaz Award for new graduates and university seniors as part of its policy to drive Emiratisation and dedicated an annual budget of AED 1 million to it.[50] It also encouraged other companies to join the initiative[51] and by 2011, six national companies sponsored the award.[52] Apart from the monetary rewards, recipients get special job offers, special benefits after they are employed and training to ensure their professional success. Rehab Lootah, chairs the Tamaiaz Award executive committee.[53] In 2008, Tanmia (the UAE National Human Resource Development & Employment Authority) signed an MoU with Mawarid to increase job opportunities for nationals, especially in Banking & Finance. Tanmia also promoted the Tamaiaz award.[54]
  • As part of the Falak Tayyeb for SMEs campaign and in an effort to facilitate credit appraisals and improve credit assessments of prospective customers, Mawarid entered into MOUs with local audit firms, Talal Abu-Ghazaleh and Gulf Resources, to teach customers to maintain proper books of accounts and to audit the same at special concessional rates.
  • Mawarid Finance was a strategic partner in the 8th Forum of the Gulf Disability Society, held from 18 to 20 March 2008 under the patronage of His Highness Dr. Sheikh Sultan bin Mohammed Al Qasimi, Ruler of Sharjah, which reflected its commitment to serving local society.[55]
  • Mawarid Finance became a major sponsor of Dubai's Al Nasr Sports Club in 2008 to encourage more participation in sports by UAE nationals.[56]


  1. ^ "2010 Annual Report". 
  2. ^ "2010 Annual Report". 
  3. ^ Souki, Noura. "Mawarid Launch". Mawarid Finance with Dhs1bn paid up capital launches in the UAE. Retrieved 20 June 2011. 
  4. ^ "Mawarid Joint-Stock". Mawarid Finance: New private joint stock company. Retrieved 20 June 2011. 
  5. ^ Al Husseiny, Yasmine. "Mawarid ad campaign". Mawarid Finance launches Emirati-inspired marketing campaign. Retrieved 20 June 2011. 
  6. ^ "SME percentage". Mawarid-government tie-up to boost SMEs. Retrieved 23 June 2011. 
  7. ^ "Mawarid Emiratisation". Mawarid backs Emiratisation drive. Retrieved 20 June 2011. 
  8. ^
  9. ^ "Mawarid plans launch of unique e-service". Retrieved 21 June 2011. 
  10. ^ "Idea of the Year 2011 award". 
  11. ^ " portal". Alaswaq Alarabiya to feature e-portal dedicated to Islamic finance. Retrieved 23 June 2011. 
  12. ^ English, Mike (2010). 2010 Superbrands. Superbrands- Middle East. pp. 76. 
  13. ^ English, Mike (2010). 2010 Superbrands. Superbrands- Middle East. pp. 76. 
  14. ^ "2010 Superbrands Middle East". 
  15. ^ Ammari, Siba Sami. "Bizz Arab Award 2008". Mawarid Finance receives Worldcob Awards 2008. Retrieved 23 June 2011. 
  16. ^ "Dubai Human Development Award". Mohammed calls on firms to focus on excellence, quality. Emirates 24/7. Retrieved 23 June 2011. 
  17. ^ "Best Home Finance Provider 2008". IB&F AWARDS 2008. CPI Financial. Retrieved 26 June 2011. 
  18. ^ "Mawarid stays Superbrand in 2010". Global crisis hits several categories of brands in 2010 list. Emirates 24/7. Retrieved 23 June 2011. 
  19. ^ "Emirates Social Award 2010". Fatima among nine winners of Emirates Social Awards. Gulf News. Retrieved 26 June 2011. 
  20. ^ "Idea of the Year 2010 award". 
  21. ^ "Idea of the Year 2011 award". 
  22. ^ "Bahrain First Investment Bank". Mawarid Finance moves into foreign investment. Retrieved 20 June 2011. 
  23. ^ Al Husseiny, Yasmine. "Maward Bank Guarantees". Mawarid signs bank guarantee registration agreement with UAE Ministry of Finance and Industry. Retrieved 20 June 2011. 
  24. ^ "Platinum Motor Show Sponsor". Platinum sponsorship from Mawarid finance for the 9th Middle East International Motor Show in Dubai. Retrieved 20 June 2011. 
  25. ^ "Auto Show Survey". BMW is the dream car in the UAE and Emiratis' fantasy is a Bentley says Mawarid Finance survey. 
  26. ^ "Mawarid and ETA Star". Mawarid Finance signs financing agreement with ETA Star for Centrium units. Retrieved 20 June 2011. 
  27. ^ Baraky, Maysoon. "SMEs services". Mawarid Finance launches its finance services for small and medium enterprises. Retrieved 21 June 2011. 
  28. ^ "Falak Tayyeb for SMEs". Mawarid launches Falak Tayyeb for SMEs campaign. Retrieved 23 June 2011. 
  29. ^ "Youth Project Discussion". Youth projects support in discussion. Retrieved 23 June 2011. 
  30. ^ "Khalifa Fund and Mawarid Discussion Forum". Khalifa Fund and Mawarid Finance Organize Discussion Forum. Retrieved 23 June 2011. 
  31. ^ "Mawarid and Saud bin Saqr discussion forum". Organized by Mawarid Finance and Saud bin Saqr Programme in Ras Al Khaimah. Retrieved 23 June 2011. 
  32. ^ "MoU with Ajman Businesswomen Council". Ajman Businesswomen Council and Mawarid Finance Conclude Memorandum of Understanding and Prepare for Discussion Forum. Retrieved 23 June 2011. 
  33. ^ "Small Enterprises Arab Union". Mawarid Finance joins Arab Union for Small Enterprises. Retrieved 23 June 2011. 
  34. ^ "SMEs campaign praised". Saint Mary's University students praise Mawarid Finance experience in SMEs support. AMEinfo. Retrieved 23 June 2011. 
  35. ^ Hassan, Eman. "Etisalat Misr stake". Mawarid Finance acquires 1% stake in Egypt Telecommunication Company. Retrieved 23 June 2011. 
  36. ^ Hassan, Eman. "Mawarid trustee of Guarantee accounts". Dubai Land Department signs MoU with Mawarid Finance to conduct Guarantee Accounts for property development projects. Retrieved 21 June 2011. 
  37. ^ Baraky, Maysoon. "Cayan Partnership". Mawarid to provide investment opportunities for investors in Cayan developments. Retrieved 21 June 2011. 
  38. ^ "Certificates of Deposit Issual". New era for Mawarid, entrusted with issuing certificates of deposit. Retrieved 23 June 2011. 
  39. ^ "Heath Fund support". MoU signed between MoH and Mawarid Finance. Retrieved 23 June 2011. 
  40. ^ Staff Reporter. "Al Jazeera Financial Services Acquisition". Mawarid Finance acquires Al Jazeera Financial Services. Retrieved 23 June 2011. 
  41. ^ "Takaful House IPO". "Takaful House" available for public. Retrieved 23 June 2011. 
  42. ^ "MoU with Talal Abu Ghazala". Mawarid Finance, Talal Abu Ghazala sign cooperation agreement. Retrieved 23 June 2011. 
  43. ^ "MoU with Ruwad". Ruwad partners with Mawarid to fund SMEs. Retrieved 23 June 2011. 
  44. ^ "Arab Industrial SME competition". First Arab Industrial SME competition welcomed. Retrieved 23 June 2011. 
  45. ^ "SMEs tie-up with government". Mawarid-government tie-up to boost SMEs. Retrieved 23 June 2011. 
  46. ^ "Al Ain SMEs forum". Mawarid Finance organizes SMEs forum. Retrieved 23 June 2011. 
  47. ^ "IFS Launch". Mawarid Finance Launches IFS. Retrieved 23 June 2011. 
  48. ^ "CIMA certificate for Rehab Lootah". Emirati woman becomes world's first ever recipient of CIMA's Islamic finance certificate. Retrieved 23 June 2011. 
  49. ^ "Feigenbaum Award for Rehab Lootah". Rehab Lootah, receives "Feigenbaum Leadership Excellence Award 2010". Retrieved 23 June 2011. 
  50. ^ Al Husseiny, Yasmine. "Tamaiaz Award". Mawarid Finance launches Tamaiaz Award. Retrieved 20 June 2011. 
  51. ^ "Mawarid initiative". Firm launches award to help Emiratis find jobs. Khaleej Times. Retrieved 21 June 2011. 
  52. ^ "6 Companies sponsor Tamaiaz award". 6 National Companies to Sponsor "Tamiaz.. wa Falak Tayyeb Award". Retrieved 23 June 2011. 
  53. ^ "Tamaiaz Award". Tamaiaz Award obtains great response from UAE students. Retrieved 21 June 2011. 
  54. ^ Baraky, Maysoon. "Tanmia Partnership". MoU signed between Mawarid Finance and Tanmia to enhance the Emiratisation drive. Retrieved 21 June 2011. 
  55. ^ Golden, Lara Lynn. "Gulf Disability Society Participation". Mawarid Finance a strategic partner of the 8th Forum of the Gulf Disability Society in Sharjah. Retrieved 21 June 2011. 
  56. ^ Manibo, Medilyn. "Al Nasr sponsor". Mawarid signs up as Al Nasr sponsor. AMEinfo. Retrieved 20 June 2011. 

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