(MENAFN- Khaleej Times) Â Mashreq Al Islami recently launched a range of Islamic banking solutions for business banking clients.
In addition to personal banking products, the Islamic banking arm of Mashreq group, now offers flexible and speedy business solutions to small and medium sized enterprises (SMEs). The bank's business banking offers SMEs a comprehensive suite of Islamic business solutions including Islamic business finance of up to Dh1.5 million, Islamic business current accounts offering a range of banking solutions on multiple business accounts and customised takaful for life cover and savings plans.
Rohit Garg, head of business banking, Mashreq said: "SMEs host the majority of employment opportunities in the country and provide 86 per cent of all private sector employment. They contribute an estimated 40 to 46 per cent of nominal GDP in Dubai, and more than 60 per cent of the UAE's GDP. Hence it's imperative to help sustain and nurture the sector."
"We offer customised Islamic solutions that address specific business needs, from managing working capital, aiding business expansion and business protection," said Garg. Dubai is home to over 45 per cent of SMEs followed by Abu Dhabi and Sharjah.
Tooran Asif, head of personal banking at Mashreq, said: "Customers can now look forward to first-class Shariah-compliant products and services tailored to their specific needs. Mashreq Al Islami is well suited to provide the ideal solutions to its customers because of the strengths we have as a bank, our deep local knowledge of the market, the products that we offer and the strong distribution that we have with 50 branches strategically located across the UAE."
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