UNB opens finance company

ABU DHABI - Union National Bank (UNB) yesterday launched its Islamic finance company Al Wifaq. The new entity will start functioning from today.

By Staff Reporter

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Published: Sun 25 Jun 2006, 10:45 AM

Last updated: Thu 13 Apr 2023, 1:04 PM

Shaikh Nahyan bin Mabarak Al Nahyan, Minister of Higher Education and Scientific Research, Chairman of Union National Bank announced the launch Al Wifaq Finance Company, with a paid up capital of Dh500 million at UNB's General Assembly.

"The purpose of establishing the company is to offer financial, commercial and investing services to both organisations and individuals in compliance with the rules and principals of the Islamic Law. In addition the company is committed to offer the best services in the financial sector," he said.

The company plans to have state-of-the-art branches and technology systems in all the emirates to provide easier and more convenient access and services to its clients.

The company has also agreed with the Fatwa and Sharia Board to provide financial and investment services in accordance with the company's plans.

He added that the country is enjoying stable and buoyant economic development under the leadership of the President, His Highness Shaikh Khalifa bin Zayed Al Nahyan and Hiss Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai and Their Highnesses, Members of the Supreme Council and Rulers of Emirates.

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