QIIB, QDB conclude agreement on new, enhanced ‘Al-Dhameen’ Program

QIIB and Qatar Development Bank (QDB) concluded an agreement on the enhanced ‘Al-Dhameen’ Programme, following the elapse of 10 years since its launch, which “proved successful and achieved” significant results.

QIIB was the first bank to implement the ‘Al-Dhameen’ in the local banking sector. The signing ceremony was held in the presence of QIIB’s representative, Jamal Abdullah al-Jamal, Deputy CEO, and QDB’s representative, Khaled al-Mana, managing director, Business Finance. Al-Jamal said, “We are pleased to be the first bank to sign the Al-Dhameen Programme agreement, in its new updated form. This brings us back to the launch period of the programme as we were also the first bank to sign Al-Dhameen Programme Portfolio Product Agreement in May 2015 with QDB. “We are proud of our long-standing partnership with QDB, and our presence today in the signing ceremony, is a proof on both parties’ sincere desire to maintain and strengthen this partnership”. He noted, “Al-Dhameen Programme has achieved many successes during its launch years. As a result, QIIB was able to grant a great number of finances for small and medium enterprises and we were always at the forefront of local banks who signed on Al-Dhameen Programme, in terms of the size of finances that were granted”. “The new amendments to Al-Dhameen Programme Agreement will undoubtedly enhance it and support entrepreneurs who require a trusted business partner to lend them the right support and assistance in the programme’s various targeted sectors such as industry, education, health, tourism, and some other service sectors”. The QIIB deputy CEO praised the enhancement made to the programme, which are represented in an increase in the guarantee coverage to 100% instead of 85%, and an increase in the guarantee period to reach 15 years instead of 11 years, in addition to reductions on the annual fees and profit rate. “Such amendments will greatly boost the programme, which will enhance the business environment and create a real opportunity to launch new projects that will contribute to the development process”. Al-Jamal thanked Abdulrahman bin Hashem al-Suwaidi, QDB’s Acting CEO, and the team behind the Al-Dhameen Programme, for furthering their partnership and cooperation with QIIB. He also hoped that such partnership and co-operation will turn out to be beneficial for everyone.