Qatar Development Bank, Qatar Islamic Bank partner on SME funding program

Small- and medium-size enterprises (SMEs) in Qatar will have access to more financing options with the signing Sunday of an Al Dhameen Program Portfolio Agreement.

The agreement, which was sponsored by the Qatar Development Bank (QDB), was signed by QDB CEO Abdulaziz Bin Nasser Al-Khalifa and Qatar Islamic Bank (QIB) Group CEO Bassel Gamal.

The agreement will streamline and make faster approvals for guaranteed SME funding. Under the terms of the agreement, QIB can make credit decisions for potential borrowers without QDB support.

“The Al Dhameen program primarily aims at facilitating the financing procedures to some of the most important sectors such as industry, education, health care and added-value services," Al-Khalifa said. "The program is mainly targeting companies and startups, and we are delighted with this partnership with QIB, which asserts that all banks operating in Qatar to support and develop the SMEs sector, diversifying the private sector and build a knowledge-based economy.”

Gamal said the agreement showed QIB's dedication to bolstering Qatar's economy.

"(The agreement) enables our existing and potential customers to get what they need swiftly and seamlessly, thus supporting the establishment of new SMEs and helping operating companies with their business expansion plans,” Gamal said. “We are proud of our strong ties with Qatar Development Bank, and we are committed to further enhance the mutual cooperation to achieve the agreement’s objectives which will contribute significantly in speeding up the process to provide financing solutions for SMEs. Supporting the SME sector is one of our top priorities."