Tejar Dubai, the entrepreneurship development initiative from the Dubai Chamber of Commerce and Initiative, recently signed an agreement with Emirates Islamic to extend business credit to promising new entrepreneurs.
Emirates Islamic is one of the United Arab Emirates’ top Islamic financial institutions.
Tejar Dubai participants can apply for the bank’s Credit Guarantee Scheme for business loans of up to $1.3 million with attractive terms including a profit holiday.
The Tejar Dubai initiative is a specialized platform to help Emirati youth establish new businesses, which the Dubai Chamber sees as a key feature to future economic and financial stability in the region. It has successfully launched 10 businesses so far, and hopes for 50 more in the next two years.
Emirates Islamic CEO Jamal Bin Ghalaita said Tejar Dubai’s goals fit nicely with the bank’s vision.
“As a home-grown bank, Emirates Islamic is proud to take a leadership role in supporting the community by encouraging aspiring Emirati entrepreneurs,” Bin Ghalaita said. “Tejar Dubai is a unique initiative that will help catalyze Emirati-owned small businesses as well as provide job opportunities for all… we are laying the groundwork for a sustainable economy for years to come.”
