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Doha: Masraf Al Rayan (MAR) – one of the leading Islamic banks in Qatar – yesterday signed a MoU with Qatar Development Bank (QDB) to offer Al Dhameen indirect finance facility targeting the Small and Medium-sized Enterprises (SMEs) in the country. The Al Dhameen indirect facility programme by QDB, now offered by MAR, helps economically-viable SMEs overcome financial barriers without the lack of collaterals required by commercial banks.
The agreement was signed by Adel Mustafawi, Group CEO- Masraf Al Rayan, and Mansoor bin Ibrahim Al Mahmoud, CEO of QDB.
The Al Dhameen facility provides SMEs with access to financing for investments, working capital, extend finances to entrepreneurs at affordable profit rates thus facilitating the growth of the SME sector, and help companies with credit facility challenges to have financial independence, among others.
With the new product, MAR is offering its clients additional finance options to serve their needs and wants in an effective manner, and at the same time offering new customers and companies easier access to finance with its broad network across the country.
Adel Mustafawi said: “This agreement with QDB for Al Dhameen Indirect Finance Facility will go a long way in providing adequate finance options for SMEs, which play a pivotal role in the country’s economic growth. With the increased finance facility, the SMEs will be able to continue their expansion and diversification programmes without any financial barrier.”
“MAR has made a mark with its customised products and services and we are happy to announce yet another unique lending option, which serves ours and QDB’s joint mission and goes a long way in serving the country’s economy in line with the 2030 Qatar National Vision.”
Mansoor bin Ibrahim said: “Al Dhameen programme has been put in form of simplified comprehensive solutions to meet all funding requirements for SMEs in Qatar.” He emphasised that the programme has been created originally to facilitate and support initiatives and promote new projects in the country.
“QDB is currently working closely with entrepreneurs and owners of local companies to help in building stronger credit history in Qatar, so that in future they can provide assurance guarantees without a sponsor, and hence removing all barriers faced by SMEs in different areas,” he added
The programme aims at providing finance to existing SMEs by guaranteeing a large amount of funds offered by the banks, and targets products with annual turnover not exceeding Qr40m.