Khalifa Fund for Enterprise Development and Abu Dhabi Islamic Bank (Adib) have signed a MoU to provide financial services for the fund’s clients through the bank’s branch network.

Under this agreement, Adib will provide credit administration services and processing of finance applications for Khalifa Fund’s customers. In addition, Adib will designate a specialised centre in Abu Dhabi to serve Khalifa Fund’s customers.

“SMEs are a significant pillar of the economy and its growth. We are keen to support SME related projects to contribute to UAE’s growth,” stated Tirad Mahmoud, chief of Adib.

“This agreement enables Khalifa Fund to provide its financing programs within the purview of Islamic banking standards, enabling multiple options for all segments of the fund's beneficiaries,” added Ibrahim Al Mansoori, deputy CEO of Khalifa Fund for Enterprise Development.

“The partnership is a result of the fund's strategic direction to upgrade and develop its services, bringing about efficiency and shortened turn-around periods.”

Al Mansoori confirmed that the agreement will be activated from the date of signing, noting that the fund will continue to provide financing services through other commercial banks approved by the Fund.

Adib’s Business Banking Division is a newly established vertical created to specifically cater to the needs of the untapped SME segment with a unique offering and comprehensive banking solutions.-TradeArabia News Service