Nov 27 2012
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Sharjah Islamic Bank signs agreement with Ruwad
Dh1 billion allocated to finance SMEs
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 .
Speaking on the occasion, HE 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."
Al Midfa said: "By signing this agreement, we are striving with our partners in Ruwad to attract greater economic activity to the support of SMEs, while paying special attention to creativity, innovation, and the use of modern technology in enterprises that keep in touch with the developments that are being witnessed in the all economic, cultural and social fields in Sharjah."
For more information please contact:
Yousef Al Taweel
Mobile: 050 556 25 20
Mobile: 050 538 39 73
© Press Release 2012
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