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The Lack of an internal audit department in a company called Mawarid Islamic finance in the UAE - Research Paper Example
Author : abdullahnolan
Finance & Accounting
Pages 17 (4267 words)
This proposal looks at the related problems of the lack of internal audit department in a company called Mawarid Islamic finance in the UAE. Mawarid Finance is an Islamic financing company established in 2006 in Dubai, United Arab Emirates with a paid up capital of AED 1 billion, and it is part of the financing industry…
In accordance with the issues discussed in the paper Mawarid Finance’s strategy focuses on supporting and developing the national economy through the provision of Islamic financial services and products for small and medium enterprises (SMEs), which form the backbone of a nation’s economy, to enable them to develop, grow stronger and faster. The organization specializes in developing Shariah complaint economical or financial services. It provides eMurabaha that allows its clients to buy the goods offline or online; financing for the purchase of the items; letter of guarantee covering bib; online labor guarantees, and advance payment bonds, together with guarantees for the retention monies, customs duty, labor, home financing, maintenance. Moreover, it offers vehicle and property financing for people, and different services to the corporate sector, which include working capital, assets, deposits, trading activities and financing projects. Mawarid Finance is the only UAE’s financial institution that is absolutely independent. However, in an attempt to ensuring that it hands itself operational independence, we find that the distribution of its shares has been done across over three hundred and fifty shareholders, whereby organizations or even companies own less than five percent each of the capital there is no stake of an individual shareholder that is more than two and half percent. ...
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