Business | Banking

SIB allocates Dh1 billion to finance SMEs

The move came after the signing of an agreement between SIB and Ruwad Establishment

  • WAM
  • Published: 18:40 November 26, 2012
  • Gulf News

Sharjah Islamic Bank (SIB) has allocated a Dh1 billion to finance all small-scale corporations that run small and medium size enterprises in the country.

The move came after the signing of an agreement between SIB and Ruwad Establishment. The agreement was signed by Mohammad Abdullah, SIB Chief Executive, and Ahmad Mohammad Al Medfa, Ruwad Board Chairman.

Under the agreement, SIB will finance all enterprises carried out by Ruwad Establishment due to the growth witnessed by the small and medium size enterprises (SME) sector as well as the great attention it enjoys on the international level.

Ruwad will examine all projects and enterprises submitted by national entrepreneurs and verify their feasibility before providing the technical and administrative support and the necessary facilities and government waivers.

SIB CEO said the agreement aims to boost the young national potential and develop the SME sector and offer finance under the umbrella of credit facilities that enable small and medium companies to benefit from Sharia-complaint banking facilities.

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