SIB allocates Dh1b to fund projects

Sharjah Islamic Bank (SIB) on Tuesday said it allocated Dh1 billion to fund projects of mall and medium enterprises (SMEs) in the country. In a statement, the bank said it has signed an agreement with Ruwad Establishment in this regard. The signing ceremony was held at the bank’s headquarters and attended by Mohammed Abdullah, CEO of SIB and Ahmed Mohammed Al Midfa, chairman of Ruwad, who signed the agreement on behalf of their respective organisations. 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. 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 SME sector. Mohammed Abdullah, SIB CEO said: “The agreement aims to boost the potential of young nationals, develop the SME sector, and offer finance under the umbrella of credit facilities that enable small to medium companies to benefit from Sharia-complaint banking facilities. It is part of the bank’s policy to support UAE young entrepreneurs, help them achieve their ambitions, and enable them to fulfil their responsibility towards society.” Ahmed Mohammed Al Midfa, chairman of Ruwad, said: “The establishment is indeed interested in nurturing young national entrepreneurs and supporting their enterprises that are in line with national modern development strategies. No doubt, the agreement with Sharjah Islamic Bank will support these goals.” From : Khalij