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QDB renews Al Dhameen program portfolio agreement with QIIB
QDB renews Al Dhameen program portfolio agreement with QIIB

Doha- 12 March, 2018 -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 successful Al Dhameen program portfolio agreement, enabling further expansion of SMEs financing. The agreement was inked by Mr. Abdulaziz bin Nasser Al Khalifa, CEO of QDB, and Mr. Abdulbasit Ahmad Al-Shaibei, QIIB Chief Executive Officer, at the QDB head office on March 12, 2018. 

ther dignitaries present during the ceremony included QIIB Deputy CEO Mr. Jamal Al-Jamal, Sheikh Abdulaziz bin Abdullah Al Thani, Chief of Corporate Banking at QIIB, Mr. Khalid Abdulla Al Mana, Executive Director of Business Finance at QDB, and Mrs. Jawaher Al-Noaimi, Al Dhameen Manager at QDB. With this signing agreement, they have once again renewed the program valued up to QAR 100 million under Portfolio product. The deal will be valid till 2020.

QIIB has been an active partner with QDB since the start of Al Dhameen program. Together they have achieved the highest partnership level, using case-by-case and portfolio products. They have achieved 100% target on Portfolio program, lending QAR 100 million 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% to 90%, while their lending cap from QAR 10 million to QAR 15 million. 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 program.

“Al Dhameen portfolio” is a 100 million Qatari Riyals portfolio aimed at facilitating and speeding up approvals to guaranty the value of the funding provided by the partner bank to small and medium enterprises lacking sufficient guarantees. QDB has prepared a special portfolio guide that describes the terms, conditions, eligibility criteria, due diligence, credit monitoring, applications and guidelines development, to help QIIB to take the necessary decisions without referring to the QDB. The drafting of the program content took nearly two years of close cooperation between QDB and partner banks to cater to all needs and increase transparency. The success of this program prompted both the parties to renew their agreement for another two years to enhance the competitiveness of SMEs in the region. The event was also a platform to inform entrepreneurs within the State of Qatar and local banks about the renewal of the agreement in 2018-2020 to enhance access to funding.

Commenting on their successful partnership, Mr. Abdulaziz bin Nasser Al Khalifa, CEO of QDB, said:

“The Al Dhameen program has been very successful so far in achieving the goal of its creation, overcoming the financial obstacles facing the SME sector, allowing SMEs to attain financial sustainability on a larger scale. Along with the partner banks, this program has furthermore fructified its cause and going stronger. Together we have been able to speed up bank financing process for SMEs, so that the entrepreneurs of the QDB can find their ideal destination. Alongside loans, the bank will also allow them to benefit from the bank's advisory services, including assistance in the development of their own feasibility studies and conducting market research as well as ensuring the adequate care enabling them to launch their projects and compete within the local and international markets. QDB is committed in providing a range of financing solutions to support SMEs, and to enhance its products in order to contribute in the development of a diversified economy, in line with Qatar National Vision 2030.”

From his part, Dr. Abdulbasit Ahmad Al-Shaibei, QIIB Chief Executive Officer, said:

“The results achieved by QIIB through Al-Dhameen program 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 the 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 leading Al Dhameen program experience ensures the development of large sectors and creates job opportunities that benefit the community in its various segments. It also reduces the dependence on imports and open up broad potentials for the export of goods produced in the State of Qatar, and furthermore, the development and the success of S
MEs come to match the objectives of Qatar National Vision 2030. We look forward to assisting more and more SMEs in this growth journey and aim to become economic growth enablers.”

The signatories also called upon entrepreneurs to benefit from this unique project in large numbers 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. 

The program also aims to facilitate financing procedures for sectors having great importance for the national economy, such as industry, education, health care and value-added services. The Al-Dhameen program mainly targets start-up companies (less than 3 years old), in addition to existing companies characterized by an annual capital cycle of less than QR 30 million.

Posted by : Qatar and Doha City PR Network Editorial Team
Viewed 2517 times
PR Category : Banking & Investments
Posted on : Sunday, March 25, 2018  7:19:00 PM UAE local time (GMT+4)
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