Mashreq Al Islami launches solutions for SMEs

Mashreq Al Islami, the Islamic banking arm of Mashreq Group, recently launched a range of Islamic banking solutions for business banking clients. This comes in line with the country's goal of becoming the Islamic economic capital under the supervision of Islamic-Compliant regulators. In addition to personal banking products, Mashreq Al Islami now offers flexible and speedy business solutions to small and medium sized enterprises (SMEs) across all their business needs.

SMEs can now enjoy the benefits of world-class finance options while staying true to Sharia’h principles. Dubai is home to over 45 percent of SMEs, the largest group in the country, followed by Abu Dhabi and Sharjah.

Rohit Garg, Head of Business Banking, Mashreq commented, “SMEs host the majority of employment opportunities in the country and provide 86 per cent of all private sector employment. They contribute an estimated 40-46 per cent of nominal GDP in Dubai, and more than 60 per cent of the UAE’s GDP. Hence it's imperative to help sustain and nurture the sector. We offer customized Islamic solutions that address specific business needs, from managing working capital, aiding business expansion and business protection. Our team of relationship managers understands each sectors business requirements and can assist clients to manage their finances more effectively.”

Mashreq Al Islami's Business Banking offers Small and Medium Enterprises a comprehensive suite of Islamic business solutions including Islamic business finance of up to AED1.5million, Islamic business current accounts offering a range of banking solutions on multiple business accounts, attractive and customized Takaful for life cover and savings plans, as well as Islamic treasury solutions.

Tooran Asif, Head of Personal Banking, Mashreq said, “Customers can now look forward to first-class Sharia’h Compliant products and services tailored to their specific needs. Mashreq Al Islami is well suited to provide the ideal solutions to its customers because of the strengths we have as a bank, our deep local knowledge of the market, the products that we offer and the strong distribution that we have with 50 branches strategically located across the UAE."

Mashreq Al Islami efforts have been recognized by the Islamic banking industry for its pioneering products and services and has been nominated in several award categories and been awarded the “Best Islamic Window” two years in a row at the Annual Islamic Business & Finance Awards and Banker Middle East Industry Awards.