Dubai, 26 January 2016: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, today announced that it has signed a strategic MoU with Dubai SME, the agency of the Department of Economic Development (DED) in Dubai mandated to develop the small and medium enterprise (SME) sector, to support the growth of SMEs in the UAE.

Under this agreement, Emirates Islamic will act as a preferred finance partner to SMEs registered under Dubai SME, enabling young Emarati entrepreneurs to access financing at special terms from the bank.

Dubai SME was set up to foster the development of entrepreneurs, encourage and support UAE nationals to actively participate in the economic growth of Dubai, and facilitate the establishment of small & medium enterprises.

"At Dubai SME our focus is on launching varied initiatives and creating a comprehensive partner network to provide SMEs and entrepreneurs with the support required to launch and expand within and beyond the country. Having Emirates Islamic as a partner adds significant value to our efforts to enable SME access to cutting edge financial products and services," said Abdul Baset Al Janahi, CEO of Dubai SME. 

Commenting on the MoU, Jamal Bin Ghalaita, CEO of Emirates Islamic said, "As per the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, we are committed to support UAE national entrepreneurs, especially in the SME sector. Our partnership with Dubai SME enables us to support the business ideas of Emirati entrepreneurs, helping them to set up or grow their business by providing customised banking solutions to match their specific business needs.

"SMEs form the backbone of the UAE economy and will play a key role in the growth of the nation. Our SME business has been our fastest growing segment in the last three years and through our partnership with Dubai SME, we aim to continue to contribute to this vital sector."

Reports show that SME contribution to the GDP of UAE is nearly 60 per cent and in Dubai, SMEs represent 95 per cent of all firms and account for 42 per cent of the workforce.

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About Emirates Islamic:
Established in 2004, as Emirates Islamic Bank, Emirates Islamic opened its doors with the clear goal of offering discerning customers Islamic finance solutions. Combining the best in Shari'a compliant services with the strongest levels of customer care and efficiency, the bank has established itself as a major player in the highly competitive financial services sector in the UAE. Offering products and services developed in line with the highest ethical standards, Emirates Islamic gives customers the transparency they seek in a strong, honest financial partner.

Emirates Islamic offers a comprehensive range of products and services across the Personal, Business and Corporate banking spectrum. Its network has expanded to reach over 50 branches and more than 100 ATMs across the UAE. In the fast growing area of online and mobile banking, the bank has the reputation as an innovator, and was the first Islamic bank to launch a mobile banking app and the first bank in the Middle East to launch an App on the new Windows 8 mobile platform.

Emirates Islamic has received numerous accolades, both regionally and in the international arena, including recognition for "Best Islamic Bank, UAE" by two extremely prestigious publications, World Finance and CFI. In 2013, the bank was recognised as a "Superbrand 2013," and as the "Best Corporate Bank" in the UAE in 2013. In addition, it has also been recognised by Sheikh Mohamed Bin Rashid Business Award and Ethos Award for Best Islamic Bank for Customer Service in the UAE. These awards are recognition of the high levels of customer satisfaction as well as an acknowledgement of the bank's strong record of performance, growth and market leading banking practices.

For further information please visit www.emiratesislamic.ae

About Dubai SME:
Dubai SME, an agency of the Department of Economic Development (DED), Government of Dubai, aims to foster an entrepreneurial culture and develop a competitive SME sector for the Emirate of Dubai. The key strategies adopted by Dubai SME are: advocate a pro-business environment for developing entrepreneurship and SMEs, seed innovative start-ups and groom promising SMEs.  Dubai SME's vision is to make Dubai the centre for innovative SMEs to start, grow and expand their businesses, thus adding greater value to the economy of Dubai. 

For queries, please contact:
Amina Al Zarooni
Media Relations Manager, Emirates Islamic
Tel: 971 4 4397430; Mob: 971 56 6405080
Email: AminaAlZarooni@emiratesislamic.ae

Tricia Rego | Hiba Moussa
ASDA'A Burson-Marsteller, Dubai, UAE
Tel: 971-4-4507600, Fax: 971-4-4358040
Email: tricia.rego@bm.com | hiba.moussa@bm.com

For further information, please contact:
Faisal Shamsudheen                                                                                                           
Government Communication Division                              
Department of Economic Development                         
Tel: (971 4) 455 5927                                                        
Email: faisal.pathiasseri@dubaided.gov.ae  

© Press Release 2016