PHOTO
- Launches Credit Guarantee Scheme to finance Emirati business initiatives up to AED 5 million
- Buamim: The MoU will help young Emirati entrepreneurs find access to adequate funding to turn their successful commercial idea into a reality
- Bin Ghalaita: By providing funding and in-house expertise to these aspiring business owners, Emirates Islamic is laying the groundwork for a sustainable economy for years to come
- Financial facility offered includes finance at highly favourable terms, including a profit holiday
Dubai, UAE: Dubai Chamber of Commerce and Industry initiative, Tejar Dubai entrepreneurship development programme, signed a Memorandum of Understanding (MoU) with Emirates Islamic, one of the leading Islamic financial institutions in the UAE, to offer credit facilities to promising Emirati entrepreneurs to realise their dreams of setting up a business.
The MoU was signed by H.E. Hamad Buamim, President and CEO, Dubai Chamber and Jamal Bin Ghalaita, Chief Executive Officer of Emirates Islamic, during a ceremony held in the presence of Essa Al Zaabi, Senior Vice-President, Institutional Support Sector, Dubai Chamber, and General Coordinator of Tejar Dubai at the Chamber headquarters.
Under the agreement, successful participants of Tejar Dubai can apply to the Credit Guarantee Scheme at Emirates Islamic for a finance of up to AED 5 million, at highly favourable terms including a profit holiday.
Commenting on the signing of the MoU, H.E. Hamad Buamim, President and CEO, Dubai Chamber stated that Tejar Dubai's joint agreement with Emirates Islamic, reflects the Chamber's commitment to instil a culture of entrepreneurship amongst Emirati youth while supporting them to take their first step in the world of business.
"This credit guarantee scheme entered into with Emirates Islamic will help young entrepreneurs find access to adequate funding to turn their successful commercial idea into a reality while also contributing to enhancing the reputation of Dubai as a global centre of trade and finance," he said.
The President and CEO of Dubai Chamber also said that financing is a major challenge faced by every entrepreneur at the beginning stage of setting up a business and this agreement with Emirates Islamic will open the doors for young entrepreneurs to overcome this challenge and focus on the success of their projects.
Speaking about the partnership, Jamal Bin Ghalaita, Chief Executive Officer of Emirates Islamic said, "As a home-grown bank, Emirates Islamic is proud to take a leadership role in supporting the community by encouraging aspiring Emirati entrepreneurs and fostering the nation's SME sector. Tejar Dubai is a unique initiative that will help catalyse Emirati-owned small businesses as well as provide job opportunities for all. By providing funding and in-house expertise to these aspiring business owners, we are laying the groundwork for a sustainable economy for years to come."
Emirates Islamic provides Emirati entrepreneurs with tailored business banking solutions delivered right to their doorstep. The bank will also provide dedicated Relationship Managers to guide the participants of Tejar Dubai with all their banking requirements.
On his part, Essa Al Zaabi pointed out that since its inception the Tejar Dubai entrepreneurship development programme has helped many Emirati entrepreneurs realise their dream of setting up their own business by offering them training, mentoring and business advice.
He further informed that till date the programme has launched ten commercial projects and aims to take this number up to 50 projects within a span of two years.
The Tejar Dubai initiative launched by Dubai Chamber offers a specialised programme and platform for youth to help them establish their own small-to-medium-sized businesses. With its commitment to the directives of H.H. Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-President and Prime Minister and Ruler of Dubai, which emphasises that entrepreneurship is the shortest route to a bright future, the training programme aims to find and train creative and commercially-minded youth to help them turn their business ideas into a reality.
Under its three key pillars of assess, assist and attain, the Tejar Dubai initiative provides youth with access to an extensive development programme, including classroom learning, on-site training, mentoring and business advice. Candidates also get networking opportunities with local and international business leaders and access to investment capital.
-Ends-
Established in 1965, Dubai Chamber of Commerce & Industry is celebrating its milestone anniversary of 50 years empowering vision in Dubai's business community. A non-profit public entity, Dubai Chamber supports Dubai's vision as a global player by empowering businesses, providing innovative value added services and access to influential networks. Its mission is to represent, support and protect the interests of the business community in Dubai by creating a favourable business environment, supporting the development of business, and by promoting Dubai as an international business hub. For more information visit: www.dubaichamber.com
Follow us on:
www.facebook.com/dubaichamber
www.twitter.com/dubaichamber
www.linkedin.com/company/dubai-chamber-of-commerce-&-industry/
www.youtube.com/DubaiChamberTV
www.instagram.com/dubaichamber
www.flickr.com/dubaichamber
For more information, please contact:
Ruba Abdel Halim
Dubai Chamber of Commerce & Industry
PR &Corporate Communications Department
Tel: +971 4 2028450
Email: ruba.halim@dubaichamber.com
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
For queries on Emirates Islamic, 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
© Press Release 2015
