Dubai Al Tomooh Finance Scheme for Small National Businesses and Emirates Islamic Bank (EIB) have announced the signing of a Memorandum of Understanding (MoU) to provide Al Tomooh customers with the option to obtain Sharia-compliant financing, including Murabaha, Istisna'a and Ijara.
The move comes in light of the increase in demand on Islamic financing. Applicants will benefit from the facilities provided by the Al Tomooh Finance scheme under the conditions and regulations of Islamic financing.
Under the MoU terms, Al Tomooh will receive the applications, assess the proposals and recommend potential applications to EIB. In turn, EIB will review and ensure the credit assessment and compliance of proposed projects to Sharia products. Upon approval by the joint board, funds will be disbursed to the applicant.
Sulaiman Al Mazroui, General Manager, Group Corporate Communications, Emirates NBD and Executive Member of the Higher Committee of the Al Tomooh Finance Scheme, said: "This move is expected to substantially increase the financing activities of the Al Tomooh Finance Scheme, thereby further encouraging entrepreneurship among UAE nationals and increasing their role in driving the national economy.
"Al Tomooh is always seeking methods to facilitate and increase the penetration of UAE nationals into the competitive world of entrepreneurship.
"I'd like to take this opportunity to invite all UAE nationals seeking support in starting or expanding their private business to use this landmark innovation in the services that we provide and take part in the development of the small and medium enterprises sector which is considered one of the pillars of a healthy national economy.
"We are glad to join hands with Emirates Islamic Bank to support this noble cause."
Al Tomooh was launched in 1998 as an Emirates NBD Corporate Social Responsibility initiative aimed at financing UAE national projects and has so far financed almost 110 ventures.