(MENAFN- Gulf Times) Â Emirates Islamic Bank has announced its renewed commitment towards the growth and development of the small and medium enterprise, or SME, sector with the launch of a range of special offers for commercial vehicles, machinery and equipment financing.
"Cost is a major issue for small and medium businesses, and they are always on the lookout for discounted pricing that will enable them to access a range of facilities at lower costs," said Faisal Aqil, deputy chief executive of consumer wealth management at Emirates Islamic Bank.
The SME sector represents almost 90 per cent of business activity in the UAE and is constantly looking for partnerships to support its financing and business development requirements. Emirates Islamic Bank is specifically focusing on entrepreneurs looking for ethical financing services.
Under its SME Vehicle financing, the bank will offer small businesses, finance for new commercial vehicles starting at a four per cent flat profit rate and at five per cent flat rate for used vehicles. Similarly, under the machinery and equipment category, finance will be offered starting at 5.25 per cent flat rate for new machinery and equipment and 6.25 per cent flat rate for used ones.
According to official statistics, the UAE has over 230,000 SMEs companies that contribute more than 30 per cent to the country's GDP and employ in excess of 42 per cent of its workforce.
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