Doha, April 06 (QNA) - Qatar International Islamic Bank (QIIB) and Qatar Islamic Bank (QIB) signed a new "Al Dhameen" Program Agreement sponsored by Qatar Development Bank.
Qatar Development Bank (QDB) announced earlier this week 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.
In a statement on Wednesday, Qatar International Islamic Bank (QIIB) said that it has concluded an agreement on updated Al Dhameen Program with Qatar Development Bank (QDB), following the elapse of 10 years since its launch, which proved successful and achieved significant results. QIIB was the first bank to implement the Al Dhameen Program in the local banking sector.
On the occasion, QIIB Deputy CEO Jamal Abdullah Al Jamal said: "Al Dhameen Program has achieved many successes during its launch years. As a result, QIIB was able to grant a great number of finances for small and medium enterprises and we were always at the forefront of local banks who signed on Al Dhameen Program, in terms of the size of finances that were granted".
"The new amendments to Al Dhameen Program Agreement will undoubtedly enhance it and support entrepreneurs who require a trusted business partner to lend them the right support and assistance in the Programs various targeted sectors such as industry, education, health, tourism, and some other service sectors," Al Jamal continued.
He praised the amendments made to Al Dhameen Program, which are represented in an increase in the guarantee coverage to 100% instead of 85%, and an increase in the guarantee period to reach 15 years instead of 11 years, in addition to reductions on the annual fees and profit rate.
In the same context, Qatar Islamic Bank (QIB) revealed in a statement today that it has signed the new Al Dhameen Program Agreement with Qatar Development Bank.
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 QIBs participation in Al Dhameen Program Portfolio, QIB Wholesale Banking Group General Manager Tarek Fawzi said: "This agreement is a testament to QIBs commitment to supporting Qatars 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." "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," he added.
The updates to Al Dhameen program come after QDBs 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. (QNA)