QIB and Jaidah Equipment in partnership for SMEs
Qatar Islamic Bank (QIB) and Jaidah Equipment have entered a strategic partnership, wherein QIB will be the preferred financing partner for the Qatar-based equipment dealer
Qatar Islamic Bank (QIB) and Jaidah Equipment have penned a strategic partnership that will support medium enterprises (SMEs) with a collection of products and services designed specifically for that sector.
Under the terms of a new partnership deal, Qatar Islamic Bank (QIB) will be the preferred financing partner for the Qatar-based equipment dealer.
Tarek Fawzi, general manager of wholesale banking representing QIB and managing director Ayman Ahmed on behalf of Jaidah Equipment signed the agreement.
Customers of Jaidah Equipmen purchasing new equipment are now entitled to use the bank’s fleet and heavy equipment financing scheme. The financing package – a collection of products and services designed specifically for small and medium enterprises (SMEs) –was introduced last year as part of the bank’s Aamaly programme.
Through this, QIB’s objective is to encourage the growth of SMEs, in an effort to help diversify the country’s economy in line with Qatar National Vision 2030.
“This new relationship enhances the value of QIB’s Aamaly programme and makes it easier for SMEs to expand their businesses in the growing Qatar market,” said Tarek Fawzi, general manager of wholesale banking, QIB.
Ayman Ahmed, managing director of Jaidah Equipment, said: “Our partnership with QIB will simplify the process for acquiring and financing new commercial vehicles, trucks, cranes, concrete pumps and heavy equipment, making it more convenient than ever for our customers to obtain the equipment they need.”
The fleet and heavy equipment financing proposition, aside from having competitive rates, offers SMEs the facility to purchase commercial vehicles as well as numerous other features, including quick turnaround with flexible down payments, and variable instalment options on financing of up to 48 months.
This facility is also available to legally-registered companies in Qatar whose primary activities include transportation, construction, contracting, rentals, trading, service, logistics, or manufacturing.
Jaidah Heavy Equipment is a division of locally-based Jaidah Group, is the largest equipment supplier in Qatar, providing equipment and support to clients in construction, infrastructure, logistics and warehousing, power generation, transport and municipal applications.
Fawzi added: “QIB is committed to supporting the growth and diversification of the country’s economy. We are pleased to be working with Jaidah Group, which has such deep ties in the community, to support the development of local SMEs.”