Doha – Buoyed by a strong two-year partnership, Qatar Development Bank (QDB) has once again renewed its agreement with Qatar International Islamic Bank (QIIB) for its very Al Dhameen programme portfolio agreement, enabling further expansion of SMEs financing. The agreement was inked by Abdulaziz bin Nasser Al Khalifa, CEO, QDB, and Abdulbasit Ahmad Al Shaibei, QIIB Chief Executive Officer, at the QDB head office.
Other dignitaries present during the ceremony included QIIB Deputy CEO Jamal Al Jamal, Sheikh Abdulaziz bin Abdullah Al Thani, Chief, Corporate Banking at QIIB, Khalid Abdulla Al Mana, Executive Director, Business Finance, QDB, and Jawaher Al Noaimi, Al Dhameen Manager at QDB. With this signing agreement, they have once again renewed the programme valued up to QR 100mn under portfolio product. The deal will be valid till 2020.
QIIB has been an active partner with QDB since the start of Al Dhameen programme. Together they have achieved 100% target on portfolio programme, lending QR 100million to SMEs within the State of Qatar. During 2016, they have been ranked as a platinum partner, as a result; their guarantee coverage increases from 85 per cent to 90 per cent, while their lending cap from QR 10mn to QR 15mn. Last year, QIIB also bagged the ‘QDB Al-Dhameen Best Partner Bank Award’, which is meant for the most important local banks that support QDB’s Al-Dhameen programme.
Commenting on their successful partnership, Al Khalifa said: “The Al Dhameen programme has been very successful so far in achieving the goal of its creation, overcoming financial obstacles faced by the SME sector and allowing them to attain financial sustainability. Along with the partner banks, this programme has fructified its cause and going stronger. Together we have been able to speed up bank financing process for SMEs, so that the entrepreneurs of QDB can find their ideal destination. Alongside loans, the bank will also allow them to benefit from bank’s advisory services, including assistance in development of their own feasibility studies and conducting market research as well as ensuring adequate care enabling them to launch their projects and compete within the local and international markets.”
Dr Al-Shaibei said: “The results achieved by QIIB through Al-Dhameen programme affirm the fact that such initiatives, built on effective cooperation between partners who aim to serve the national economy, have unique outcome, and importantly, open doors for self-reliance in terms of services, commodities and exports, thus strengthening the competitiveness of products manufactured in Qatar. This program is part of an ambitious program implemented by the government at different levels to sponsor SMEs, support them and stimulate creative initiatives by engaging Qataris and to encourage them to a wider participation in building their country and developing the national economy in all fields.
The signatories also called upon entrepreneurs to benefit from this project and help support the growth of the industry. SMEs wishing to benefit from this renewed tie-up can visit QIIB’s Corporate Branch at Grand Hamad Street, where their applications will be assessed in accordance with the criteria adopted in the program signed with the QDB.