Qatar Islamic Bank signs an agreement
Qatar Islamic Bank announces it has signed agreement
QIB and QDB Sign New “Al Dhameen” Program Agreement
Doha, Qatar – 6 April 2022: Qatar Islamic Bank (QIB) signed a new Al Dhameen Program Agreement sponsored by Qatar Development Bank. The agreement was signed by Mr. Tarek Fawzi, QIB’s Wholesale Banking Group General Manager and Mr. Khalid Abdulla Al-Mana, Executive Director of Business Finance at Qatar Development Bank.
Qatar Development Bank (QDB) announced new updates to Al Dhameen program, for small and medium-sized companies, to encourage partner banks to finance projects, with the aim of attracting promising start-ups and small and medium-sized companies seeking financing to develop their businesses. QDB has announced the launch of a new version of the ‘Al Dhameen’ program for micro-enterprises, for the first time in the country, which will contribute to the development of the national business system in terms of access to financing and will also provide new financial channels for guarantees for micro-enterprises in co-operation with partner financial institutions.
According to the new agreement, SME customers at QIB can benefit from Al Dhameen Portfolio to obtain financing equivalent to 70% of the value of the project, with a maximum of QAR 15 million for each project. Small and medium enterprises can also obtain the required financing at competitive financing rates. The agreement also encourages partner banks to expand the process of financing SMEs by providing them with sufficient guarantees through the “Al Dhameen” Program.
Commenting on QIB’s participation in Al Dhameen Program Portfolio, Mr. Tarek Fawzi, QIB’s Wholesale Banking Group General Manager, said: “We are pleased to sign this agreement, which aims to empower SMEs and support them implement their projects, which in turn contributes to diversifying the national economy and builds a knowledge-based economy”.
Mr. Tarek Fawzi added: “This agreement is a testament to QIB’s commitment to supporting Qatar’s economy by enhancing the role of the private sector and contributing to a suitable economic diversification as part of Qatar National Vision 2030. The new “Al Dhameen” Program enables our customers to fulfill their needs seamlessly and expand their business, thus supporting the establishment of new SMEs and helping operating companies with their business expansion plans”.
Mr. Tarek Fawzi concluded: “QIB is proud of its strong ties with Qatar Development Bank, and we are committed to further enhancing our mutual cooperation to achieve the objectives of this agreement, which will contribute significantly to providing direct financing solutions for SMEs.”
The updates to Al Dhameen program come after QDB’s great success over 10 years since its launch and were based on reviews involving entrepreneurs and partner banks, after reviewing best international practices for identifying aspects of development in the interests of both parties, streamlining procedures, and improving the terms of guarantees.
For more information on QIB, please visit www.qib.com.qa