Sharjah Islamic Bank signs agreement with Ruwad

Sharjah: Sharjah Islamic Bank (SIB) has announced signing an agreement with Ruwad Establishment. The signing ceremony was held at the bank’s headquarters and attended by HE Mohammad Abdullah, CEO of Sharjah Islamic Bank and Ahmad Mohammad Al Midfa, Chairman of Ruwad, who signed the agreement on behalf of their respective organisations in presence of Ruwad’s deputy chairman and members of the board as well as a number of senior officials from both parties.

As per the agreement, the bank will finance the enterprises agreed with Ruwad and that meet the criteria stipulated in the agreement.

Ruwad will evaluate all projects and enterprises submitted by national entrepreneurs and verify their feasibility before providing the technical and administrative support, the necessary facilities and government waivers, and finally apply for the financing from Sharjah Islamic Bank.

Sharjah Islamic Bank (SIB) has allocated a Dh1 billion to finance small-scale corporations that run small to medium size enterprises with the aim to finance all small and medium enterprises (SMEs) in the country. SIB will, also, finance all enterprises carried out by Ruwad Establishment due to the growth witnessed by the small to medium size enterprises (SME) sector, as well as its growing importance on an international level.