Dubai, 26 April, 2017: Mawarid Exchange, a leading exchange company has signed Remittance Agreement with the Land Bank of the Philippines, one of the top government financial institutions in Philippines. The agreement has been signed by Mr. Mohamed Al Nuaimi, CEO, Mawarid Exchange and Mr. Alex V. Buenaventura, President, Land Bank of the Philippines.
According to this agreement, Mawarid Exchange clients shall be able to use the bank’s electronic services, and make direct transfers to the bank branches. However, this is the second agreement, as the Mawarid Exchanges has signed earlier an agreement with BDO Bank which is one of the largest distribution networks in Philippines.
In his comment on this agreement Mr. Mohamed Al Nuaimi, CEO, Mawarid Exchange said “We are glad to sign this agreement with Land Bank of the Philippines, being one of the leading banks of Philippines. This agreement shall boost distribution of Mawarid Exchange’s services among a wider range of clients in the Philippines; given that 45% of Mawarid Exchange money transfers go to Asian countries. However, Mawarid Exchange is implementing an expansion plan, including diversification of its products and opening new branches in the Northern Emirates and Abu Dhabi, to satisfy the needs of its clients”.
Mr. Alex V. Buenaventura, President, Land Bank of the Philippines, expressed his gratitude to Mawarid Exchange for banking with Land Bank of the Philippines, and said “This agreement shall help us deliver our services to thousands of the Philippines’ nationals who work and live in the United Arab Emirates. We assure that our services, network and system can well compliment their remittance business, with the end of gaining more patronage from Overseas Filipinos in the United Arab Emirates”.
Mawarid Exchange is a shariah compliant Money Exchange company, which is a wholly owned subsidiary of Mawarid. Considered as the first Shariah Compliant exchange house in the region, Mawarid acquired 90% stake in H&A Exchange in 2012 which was subsequently renamed as Mawarid Exchange in 2013. Mawarid Exchange has branches across the UAE. Mawarid Exchange offers diverse Sharia compliant products and services such as money exchanges, buying and selling of travelers’ cheques, remittance services in local and foreign currencies, sale and distribution services for financial instruments such as National Bonds and other permitted activities compliant services.
The Land Bank of the Philippines:
The Land Bank of the Philippines, is a government financial institution that strikes a balance in fulfilling its social mandate of promoting countryside development while remaining financially viable. This dual function makes LANDBANK unique. The profits derived from its commercial banking operations are used to finance the Bank’s developmental programs and initiatives.
Today, LANDBANK is by far the largest formal credit institution in the rural areas. Its credit delivery system is able to penetrate a substantial percentage of the country’s total number of municipalities.
© Press Release 2017
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