Qatar SMEs to receive funding boost
QIIB signs new Al Dhameen programme with QDB that provides funding guarantees for SMEs
A new product ‘Al Dhameen portfolio’ is intended to facilitate and speed up approvals to guarantee the value of the funding provided by the partner bank to small and medium enterprises lacking sufficient guarantees.
With a portfolio valued at QAR100m, the agreement was signed by International Islamic (QIIB) and Qatar Development Bank (QDB).
Abdulbasit Al Shaibei, CEO of QIIB and Abdul Aziz bin Nasser Al Khalifa, CEO of the 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. Hamad Al Kubaisi attending from the QDB, 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.
To help QIIB to take the necessary decisions without referring to the QDB, the latter prepared a special portfolio guide that describes the terms, conditions, eligibility criteria, due diligence, credit monitoring, applications and guidelines development.
Taking two years in the drafting, the program content is the result 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.”