New SME financing deal signed by QDB and QIB
Qatar Development Bank (QDB) and Qatar Islamic Bank (QIB) Group have signed a $27.4m SME-focused deal
Qatar Development Bank (QDB) has announced an SME-focused deal with Qatar Islamic Bank (QIB) Group.
Abdulaziz bin Nasser Al Khalifa, CEO of QDB, and Bassel Gamal, chief executive officer QIB, signed a new Al Dhameen Programme Portfolio Agreement sponsored by QDB, enabling further expansion of SME financing in Qatar.
The agreement was attended by representatives of both parties.
The aim of the new $27.4m (QA100m) product ‘Al Dhameen portfolio’, is to facilitate and fast-track approvals to guarantee the value of the funding provided by the partner bank to small and medium enterprises (SMEs) lacking sufficient guarantees.
QDB has prepared a portfolio guide that outlines 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, The Peninsula reports.
Since its initiation in 2010, Al Dhameen has contributed QR846mn in guarantees to over 348 SMEs, of which over QR569mn have already been cashed.
Abdulaziz bin Nasser Al Khalifa, CEO of QDB said: “Al Dhameen programme primarily aims at facilitating the financing procedures to some of the most important sectors such as industry, education, healthcare, and added-value services.
“The programme 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 CEO, said that the 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”, adding, “It enables our existing and potential customers to get what they need swiftly and seamlessly.”
Gamal added: “Supporting the SME sector is one of our top priorities, and for that reason, we have a dedicated programme,’Aamaly’, designed to cater for all the financial needs of Small and Medium enterprises in Qatar.”