Qatar Islamic Bank (QIB), the largest Islamic bank in Qatar, has launched a new banking programme for micro-enterprises.

The programme aims to provide innovative finance solutions that cater to the needs of smaller start-ups and to empower ambitious entrepreneurs to take their business to new levels through funding their fixed assets and working capital.

QIB’s initiative is in line with Qatar’s economic strategy to enhance small enterprises with Enterprise Qatar being at the forefront of empowering this strategic segment that plays a crucial role in the development of the country and the creation of new job opportunities.

QIB’s financing programme aims at helping micro-enterprises and small businesses to increase their productivity and profitability while enabling them to deal effectively and efficiently with the banking sector.

"The Qatari government places much emphasis on developing a strong small business sector as it is critical to the growth of the local economy,” said Ahmad Meshari, acting CEO, Qatar Islamic Bank.

“QIB aligns itself with this strategy by supporting this sector with specialized financial solutions, as well as sound financial advice. The launch of this financing scheme for smaller enterprises is further evidence of this commitment.”

"The Qatar economy is currently undergoing tremendous growth, and at times such as these, smaller businesses need support, tools and resources if they are to continue making a significant contribution to the local economy. QIB is well positioned to help foster the small business sector as a catalyst for growth and job creation in Qatar,” added Meshari.

Syed Maqbul Quader, Group chief risk officer, QIB, said: “This scheme will be highly beneficial for the micro-enterprises in Qatar and is very much in line with QIB’s objective to serve all sectors in the country, which will also promote social welfare in society.”

“Initiatives such as these will definitely help nurture entrepreneurial spirit among a large number of ambitious entrepreneurs and foster the growth of a strong business culture in the country,” he added.

QIB has recently signed an Al Dhameen agreement with Qatar Development Bank in order to finance and help SMEs to develop into bigger and more successful companies through access to investment funding and working capital.

The Al Dhameen programme is instrumental in diversifying income sources for the Qatari economy and invigorating the SME sector. – TradeArabia News Service