Emirates Development Bank (EDB) has signed a Memorandum of Understanding (MoU) with Emirates Islamic, one of the leading Islamic financial institutions in the UAE, to collaborate on a joint credit guarantee scheme supporting the financial inclusion of small-to-medium sized enterprises (SMEs).
EDB is a key financial engine for the economic development and industrial advancement of the UAE. Emirates Islamic is the 11th commercial bank to join EDB’s credit guarantee scheme platform offering favorable financing solutions to SMEs.
Under the partnership agreement, EDB will guarantee 50 percent of the finance facility extended to eligible SMEs by Emirates Islamic. Both banks will also collaborate to identify further opportunities to enhance their banking solutions.
Ahmed Mohamed Al Naqbi CEO – EDB
“EDB remains committed to enhancing our nation’s SME ecosystem and supporting the sustainable economic development of the nation, specifically the five key priority sectors. We are pleased to welcome Emirates Islamic to our expanding group of commercial bank partners with the shared goal of facilitating access to financing for SMEs contributing to the UAE’s non-oil GDP.”
Mr. Salah Mohammed Amin, Chief Executive Officer at Emirates Islamic, commented that, “As a home-grown Islamic financial institution, supporting the UAE’s SME sector is a top priority for Emirates Islamic and we are proud to be partnering with EDB. This reflects our shared commitment to supporting the growth of the segment in the UAE, as we strive to enhance the overall SME business ecosystem and make financing more accessible.”
“SMEs are a key driver of Emirates Islamic’s growth strategy and we offer a wide range of business banking products and services tailored to meet the needs of companies in this critical sector,” Mr. Amin added.
