(MENAFN- Qatar News Agency) Qatar Development Bank (QDB) and Qatar Islamic Bank (QIB) signed a new Al Dhameen Programme Portfolio Agreement sponsored by QDB, enabling further expansion of SME financing in Qatar.
The agreement was signed on Sunday by Abdulaziz Bin Nasser Al-Khalifa, CEO of Qatar Development Bank (QDB), and Bassel Gamal, Qatar Islamic Bank (QIB) Group Chief Executive Officer.
With QR100m portfolio, the new product "Al Dhameen portfolio" aims at facilitating and speeding up the approvals to guarantee 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, and highest international standards, due diligence, credit monitoring, applications and guidelines development, to help QIB to take the necessary decisions without referring to QDB .
Al Dhameen has contributed to an ever evolving Qatari private sector, with a record QR 846 million in guarantees to over 348 SMEs, since its initiation in 2010. Over QR 569 million have been cashed already.
On this occasion, Abdulaziz Bin Nasser Al-Khalifa, CEO of Qatar Development Bank said: "Al Dhameen program primarily aims at facilitating the financing procedures to some of the most important sectors such as industry, education, healthcare, and added-value services.
The program is mainly targeting companies and start-ups, and we are delighted with this partnership with QIB , which asserts that all banks operating in Qatar to support and develop the SMEs sector, diversifying the private sector and build a knowledge-based economy." Commenting on the agreement, Bassel Gamal, QIB Group Chief Executive Officer said: "This agreement underscores QIB 's commitment towards supporting the country's economy, by enhancing the role of the private sector and contributing to a suitable economic diversification as part of Qatar National Vision 2030.
It enables our existing and potential customers to get what they need swiftly and seamlessly, thus supporting the establishment of new SMEs and helping operating companies with their business expansion plans".
"We are proud of our strong ties with Qatar Development Bank , and we are committed to further enhance the mutual cooperation to achieve the agreement's objectives which will contribute significantly in speeding up the process to provide financing solutions for SMEs. Supporting the SME sector is one of our top priorities, and for that reason, we have a dedicated program,"Aamaly", designed to cater for all the financial needs of Small and Medium enterprises in Qatar" added Gamal.
SMEs can benefit from the new program by visiting their nearest QIB branch and inquiring about applications in accordance with the QIB program.
In enhancing and improving the Al-Dhameen program, QIB relied on the survey of partner banks and all concerned parties to expand the base of beneficiaries and allow the partner banks to determine the appropriate small and medium enterprises to be financed and to fund them more flexibly.
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