|01 July, 2019

Emirates Islamic signs up to Emirates Development Bank's Credit Guarantee Scheme for SMEs

Credit Guarantee Scheme supports goals of National Agenda under UAE Vision 2021, focused on boosting the GDP contribution of SMEs to 70% by 2021

Emirates Islamic signs an agreement with Emirates Development Bank (EDB) to be part of EDBrsquo;s lsquo;Credit Guarantee Schemersquo;

Emirates Islamic signs an agreement with Emirates Development Bank (EDB) to be part of EDB’s ‘Credit Guarantee Scheme’

Dubai:  Emirates Islamic, one of the leading Islamic financial institutions in the UAE, became the first Islamic bank to sign an agreement with Emirates Development Bank (EDB) to be part of EDB’s ‘Credit Guarantee Scheme’, reflecting both the banks’ shared commitment to support the growth of Small-to-Medium Enterprises (SMEs) in the UAE.

EDB’s AED 100 million Credit Guarantee Scheme supports the goals of the National Agenda under UAE Vision 2021, focused on boosting the GDP contribution of SMEs to 70 percent by 2021 and is aligned with the UAE’s push towards economic diversification and building a post-oil economy.

The initiative offers financing of up to AED 2 million to startups through EDB’s partner banks, wherein EDB guarantees up to 85 percent of the finance amount. The scheme also offers up to AED 5 million financing to existing SMEs, with EDB guaranteeing up to 70 percent of the finance amount.

The new partnership builds on Emirates Islamic’s commitment towards supporting the SME sector, which represents more than 94 percent of the total number of companies operating in the UAE and employs over 86 percent of the private sector workforce, according to the Ministry of Economy.[1] SMEs are a key driver of Emirates Islamic’s growth strategy, and the bank offers a wide range of business banking products and services tailored to meet the needs of companies of various sizes and backgrounds.

Commenting on the agreement, Salah Amin, CEO of Emirates Islamic, said, “Emirates Islamic is proud to sign this agreement with EDB, which will greatly boost access to financing and improve the business environment for SMEs. At Emirates Islamic, supporting the SME sector is a top priority, and we will continue to offer them the best in banking solutions, supported by best in class customer service.”

Mr. Faisal Al Bastaki, Chief Executive Officer of EDB, said, “We designed our latest scheme based on the needs of SMEs, and it is aligned with EDB’s commitment to create and offer an integrated portfolio of innovative financing products and solutions, which enhance SMEs’ access to capital. The SME sector is a major driver to the growth of the national economy and will boost the UAE’s global competitiveness. As part of our ongoing strategy, we are committed to developing banking solutions that will enable SMEs to effectively contribute to increasing the non-oil GDP and advancing economic diversification.”  

-Ends-

About Emirates Islamic:
Emirates Islamic (DFM: EIB), part of Emirates NBD Group, is one of the fastest growing banks in the UAE. Established in 2004 as Emirates Islamic Bank, the bank has established itself as a major player in the highly competitive financial services sector in the UAE.

Emirates Islamic offers a comprehensive range of Shari’a-compliant products and services across the Personal, Business and Corporate banking spectrum with a network of 61 branches and 208 ATMs/CDMs across the UAE. In the fast growing area of online and mobile banking, the bank has the reputation as an innovator, being the first Islamic bank to launch a mobile banking app and the first Islamic bank to offer Apple Pay in the UAE.

Emirates Islamic has consistently received local and international awards, in recognition of its strong record of performance and innovation in banking. The bank won the prestigious Euromoney award for innovation in Islamic Finance in 2015 and Global Finance’s Innovator in Islamic Finance award for EI trade, the world’s first Shari’a-compliant online trade finance and supply chain platform. The bank has won several industry accolades in 2017, including Service Olympian Award for ‘Most Improved Website’ and ‘Best Social Media Reach’. In 2018, Emirates Islamic was named ‘Best Islamic Bank” in the UAE by Global Finance and ‘Best Islamic Banking Brand’ by Global Brands Magazine. The bank has also claimed the ‘Best Mobile Banking app’ award, and the ‘Best Islamic Card’ for its Emarati Credit Card at the Banker Middle East Product Awards 2018.

As part of its commitment to the UAE community, the Emirates Islamic Charity Fund provides financial aid to those in need, with a focus on food, shelter, health, education and social welfare contributions.

About Emirates Development Bank
Emirates Development Bank (EDB) was established under Federal Law No. (7) of 2011 with an authorized capital of AED 10 billion. The Bank aims to contribute to the economic and social prosperity of UAE citizens by supporting the development of innovative SMEs and provide financing solutions to help citizens obtain high quality affordable housing. EDB provides financing and innovative banking solutions to SMEs, considered as one of the foundations of the national economy. More details can be found on www.edb.ae

For further information on Emirates Islamic, please visit www.emiratesislamic.ae
Or please contact:
Amina Al Zarooni
Media Relations Manager, Emirates Islamic
Tel: 971 4 4397430; Mob: 971 56 6405080
Email: AminaAlZarooni@emiratesislamic.ae
Tricia Kaul | Batoul Al Beitouni
asda’a bcw, Dubai, UAE
Tel: 971-4-4507600, Fax: 971-4-4358040
Email: Tricia.Kaul@bcw-global.com  |
Batoul.AlBeitouni@bcw-global.com 

© Press Release 2019

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