DUBAI: Mawarid Exchange, the first sharia-compliant exchange house in the UAE, has been categorised in Category ‘A’ among 124 existing exchange houses from which only 11 fall under Category A). The classification into A, B and C is based on the capital, percentage of emiratisation, financial position and compliance to the Central Bank (CB) rules and regulations.
Commenting of this action, Mohammed Al Neaimi, CEO Mawarid Finance and Chairman of Mawarid Exchange said, “We are pleased to have Mawarid Exchange in Category A. This classification by the Central Bank will support our efforts and goals to provide unique and best services to our customers and become a leading company in the industry.”
He added, “Mawarid Exchange plans to expand its presence and extend its services across the UAE towards the end of 2013, in order to cope with the fast growing money exchange market which accompanies the growing tourism industry and the huge investments encouraged by the excellent facilities and environment offered by the government.”