Dubai Islamic Bank (DIB) has launched a Sharia-compliant suite of products and services specifically developed to support the growth of small and medium enterprises (SMEs), including through the provision of business finance up to Dh1.5 million ($408,280) per customer.

Launched on the eve of the 41st anniversary of the UAE national day, the introduction of SME Business Solutions reflects the bank’s unique commitment to supporting the country’s economic development and diversification, said a top official.

“Small business is the growth engine of the UAE economy. In Dubai, for example, SMEs make up 95 per cent of all companies, employ 42 per cent of the workforce and contribute 40 per cent to the emirate’s GDP,” remarked Dr Adnan Chilwan, the deputy chief executive officer of DIB.

“Today, as we celebrate the founding of our nation,” he said, “we are proud to launch SME Business Solutions, which will help sustain our country’s growth for many years to come.”

SME Business Solutions provides small business owners with a broad range of customised solutions, ranging from the establishment of business accounts and cash management tools to trade and treasury services, as well as business credit cards.

In particular, the DIB’s business finance solutions have been designed to meet the specific needs of SMEs, which, worldwide, frequently face challenges accessing finance.

By providing high finance amounts and rapid approvals, Dubai Islamic Bank will help unlock the potential of the thousands of small and medium enterprises across the UAE.

Working with dedicated Relationship Managers, SMEs will be able to access working capital finance, capital expenditure finance, and contracting and fleet finance – supported by flexible repayment options over periods up to 48 months.

The new SMEs package offers a range of additional products and services, such as online business services, foreign exchange, letters of credit and guarantee, and much more.-TradeArabia News Service