QIB’s acting CEO Ahmad Meshari at the launch of the Aamaly programme at Four Seasons Hotel yesterday.Kammutty VP
BY MOHAMMAD SHOEB
DOHA: Qatar is expected to witness about 2,000 to 4,000 new Small and Medium Enterprises (SMEs) over the next five years, and Qatar Islamic Bank (QIB), in its efforts to facilitate the growth of this key sector in line with the Qatar National Vision 2030, has launched a dedicated new scheme to provide special services to the SMEs from construction, trade and service industry.
The country’s largest Shariah compliant banking service provider has also plans to open an SME-dedicated branch along at Salwa Road to provide SMEs with financial assistance, guidance and advice.
Under the new scheme Aamaly, QIB will work in close cooperation with Al Dhameen, another SME-dedicated initiative by the Qatar Development Bank (QDB). Customers will be provided with letters of guarantee, for bid bond guarantees in the construction sector, discounted fees for export letters of credit in the trading sector, and reduced rates for equipment and machinery financing, as well as preferential rates for payroll services in the services sectors.
The launch of the new programme was held at the Four Seasons Hotel which was attended by QIB’s existing SME clients and stakeholders.
Basem Shahrouri, QIB’s Head of Business Banking gave a detailed presentation about the Aamaly programme and the benefits for SMEs that will include: Dedicated relationship managers, special SME-centric banking centres, 24-hour banking, payroll services, cash and cheque collection, overnight vaulting and time deposits, together with flexible lending and financing options.
Asked to comment about the bank’s definition of SMEs, Shahrouri said: “Unfortunately, we still do not have a clear cut definition for SMEs here. But usually we follow general definitions. Any firm with an annual income of up to QR25m comes under small enterprise, while businesses with an annual income of up to QR100m are categorised as medium enterprises.”
Ahmad Meshari, QIB’s acting CEO informed the guests about the new service and stressed on the importance of the bank’s exclusive programme.
Many existing customers were critical of the bank’s services such as indefinite delay in project financing and for not providing customer friendly services unlike other banks in Qatar.
“I hope that under the new programme the bank will no longer take two to three months to complete the process of project financing,” said a senior official of a private company.
According to QIB, it is for the first time in Qatar, the bank has introduced specific sector-related packages to meet the different needs of SMEs starting with the key sectors of construction, trading and services, where they will be eligible to receive discounted fees for letters of guarantee, for bid bond guarantees in the construction sector; discounted fees for export letters of credit in the trading sector; and reduced rates for equipment and machinery financing, as well as preferential rates for payroll services in the services sectors.
In addition, there are other features that SME clients can enjoy, such as free debit and credit cards, complimentary cheque books and discounted fees on transfers, as well as various other perks.
Meshari said that the SME sector in Qatar is promising, and is expected to grow rapidly to play an important role in Qatar’s overall growth. The Peninsula
