Qatar’s QIB & QDB ink new Al Dhameen Program Agreement to support SMEs

Qatar’s QIB & QDB ink new Al Dhameen Program Agreement to support SMEs

Qatar’s first Islamic financial institution, Qatar Islamic Bank (QIB) has signed a new Al Dhameen Program Agreement sponsored by the government-owned financial entity, Qatar Development Bank (QDB).

According to the new agreement, small and medium enterprise (SME) customers at QIB can benefit from Al Dhameen Portfolio to obtain financing equivalent to 70 percent of the value of the project, with a maximum of $4.1 million (QAR 15 million) for each project.

SMEs can also obtain the required financing at competitive financing rates. Further, the agreement encourages partner banks to expand the process of financing SMEs by providing them with sufficient guarantees through the “Al Dhameen” Program.

Tarek Fawzi

General Manager

Wholesale Banking Group

QIB “This agreement is a testament to QIB’s commitment to supporting Qatar’s economy by enhancing the role of the private sector and contributing to a suitable economic diversification as part of Qatar National Vision 2030. The new “Al Dhameen” Program enables our customers to fulfill their needs seamlessly and expand their business, thus supporting the establishment of new SMEs and helping operating companies with their business expansion plans. QIB is proud of its strong ties with Qatar Development Bank, and we are committed to further enhancing our mutual cooperation to achieve the objectives