(MENAFN- The Peninsula) Abdulbasit Al Shaibei, CEO of International Islamic (QIIB) and Abdul Aziz bin Nasser Al Khalifa, CEO of the Qatar Development Bank (QDB) signed the Al Dhameen programme portfolio agreement, sponsored by the QDB, enabling further expansion of SMEs financing.
The signing was attended by Jamal Al Jamal, Deputy CEO of QIIB together with Masson Al Asfar, head of Corporate Banking, and Mahmoud Abdullah, head of SMEs Banking services. Attending from the QDB were Hamad Al Kubaisi, Executive Director for Strategy and Business Development, Jawaher Al Nuaimi, Director of the Al Dhameen programme, and Khaled Al Maneh Executive Director of Business Finance, according to a Qatar Exchange (QE) filing.
The new product "Al Dhameen portfolio", is a QR100m portfolio aimed at facilitating and speeding up approvals to guaranty the value of the funding provided by the partner bank to small and medium enterprises lacking sufficient guarantees.
QDB has prepared a special portfolio guide that describes the terms, conditions, eligibility criteria, due diligence, credit monitoring, applications and guidelines development, to help QIIB to take the necessary decisions without referring to the QDB. The drafting of the program content took nearly two years of close cooperation between QDB and partner banks to cater to all needs and increase transparency.
Abdul Aziz bin Nasser Al Khalifa said: "The Al Dhameen program has been very successful so far in achieving the goal of its creation, overcoming the financial obstacles facing the SME sector, allowing SMEs to attain financial sustainability on a larger scale. And today the program comes out with a new look along with the partner banks, helping to speed up bank financing."
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