Al Wifaq Finance Company’s Shareholders convened the ordinary and extraordinary General Assembly Meeting on 30thApril 2008. The meeting was presided over by H.H. Sheikh Nahayan Mabarak Al Nahayan and attended by members of Board of Directors and shareholders in addition to the members of the Company’s Executive Management.
H.H. Sheikh Nahayan Mabarak Al Nahayan, declared the company’s results and achievements in 2007 based on the satisfactory performance achieved since commencement of business.
The Board of Directors and shareholders approved a stock dividend of 7% which would lead to be paid- in capital increasing to AED 535 million.
It is also worth mentioning that Al Wifaq Finance Company has made a sound progress in the short span of time since the commencement of its operations in the second half of 2006. The company which closed fiscal year 2006 with a net profit of AED 10 million despite its short period of existence continued to build on the solid foundation laid at the time of its inception. The profit for the year ended 31 December 2007 was satisfactory at AED 40.4 million.
In 2007 the company moved to its new Head Office in Abu Dhabi and also inaugurated its main branch which is located in the same premises.
Market share and profitability is expected to increase when additional branches proposed to open would be operative and as it will be able to offer more retail products to customers.
The company is also on the process of implementing a new core banking system which would enable it to offer enhanced service to its customers. The implementation of the new system is expected to be complete in 2008.
