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Islamic Finance Co. sign agreement with MoL to implement ‘Daman & Aman’ in the UAE

United Arab Emirates: Sunday, October 07 - 2007 @ 16:02

The agreement comes as part of the ministry’s continuing efforts to develop and enhance the quality of its services as well as meeting the basic requirements of laborers.

The signing ceremony, which was held in the MoL premises in Abu Dhabi, was attended by H.E Dr. Ali Abdulla Al Kaabi, UAE Minister of Labor and Mr. Gaith bin Hamel Al Gaith, member of IFC Board of Directors.

During the signing ceremony, H.E Dr. Ali Abdulla Al Kaabi said: “In the past years, the MoL has put a lot of effort in finding the appropriate conditions and techniques to provide the best services. The agreement comes as part of our continuous efforts to develop and initiate a new mechanism to control,

manage, and enhance the quality of our licensing process. With this agreement, the IFC and the MoL seek to create and form a constructive cooperation in fields related to labor and laborers.”

Mr. Gaith bin Hamel Al Gaith added: “The IFC owns a wide range of services as well as a large database and resources, and developed systems to position itself as a partner in this cooperation. We seek through this agreement to put all the services and resources available to support the goals and vision of the MoL.”

According to the agreement, the IFC will provide the MoL with a number of services including following up and organizing the payroll, submitting social audits for the facility explaining the companies commercial and managerial performance, and its abidance with the UAE labor laws. The IFC will also pay the salaries of laborers through installing ATM machines in labor camps and will also send mobile units equipped with ATM machines to the sites.

Furthermore the company will provide the MoL with the necessary data and report any labor law violations.

On the other hand, the ministry will facilitate the services of “Daman & Aman” clients and will provide the IFC with the necessary database to provide these services electronically.

The IFC was established in 2006 and is based in Dubai. The IFC is a financing company as well as a Holding with a number of companies under its supervision such as “Wasila” Shipping, “Wasila” Petroleum, “Wasila” Medical, “Wasila” properties and many other companies in various sectors. The Board of Directors consists of Ali bin Hamel Al Ghaith, Chairman of IFC, and members Mr. Abdullah Saied Al Qubessi, Mr. Ghaith Hamel Al Gaith, Mr. Al Walid Al Mubarak, and Mr. Essa Al Shamlan.

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Sunday, October 7- 2007 @ 16:02 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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