(MENAFN- Qatar News Agency) Qatar Development Bank (QDB) Sunday launched a new Shariah-compliant product of up to 100% financing of new small fishing trawlers, motorboats and equipment through a special Murabaha-based programme. QDB launched the new finance window in co-operation with the Ministry of Environment and fishing trawler owners, the bank said today in a media statement. The new finance product endeavours to identify the challenges and address the market needs of fishing and fisheries sector in Qatar and provide the necessary funding for owners to develop their business and refurbish their trawlers with appropriate equipment, the QDB said. Expressing his happiness at the launch of the new product, QDB Chief Executive Officer Abdulaziz bin Nasser Al Khalifa said, "The QDB since its inception has invested significantly to develop and support local industries in Qatar. The new finance product will spur Qatars fishing industry which traditionally is one of the key pillars of the local economy and still a major livelihood in Qatar." Al Khalifa stressed QDB will continue to work in close co-ordination with the Ministry of Environment to better understand the need of boat owners and fishermen. "Our job does not end here, we are in constant dialogue with the fishermen to understand their needs and through collaboration with the Ministry of Environment, we are developing products that meet those needs," he said. This new programme is the second product launched by QDB to support Qatars fishing sector and builds on the earlier initiative of financing wooden boats.
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