Emirates Islamic hosts UAE national SME owners meet with focus on achieving targeted growth

May 18, 2014

Emirates Islamic, one of the leading Islamic financial institutions in the UAE, recently organised a meeting for UAE national SME owners, who are members of the Entrepreneurs Forum in Dubai, to showcase how the bank can support the growth of their businesses through its various SME-focused offerings.
Titled: 'Emirates Islamic at the service of SME owners,' the event was organised in collaboration with the Entrepreneurs Forum at the InterContinental Hotel - Dubai Festival City. The event saw the participation of more than 100 UAE national SME owners and entrepreneurs from across the UAE, in addition to representatives from the bank and the Entrepreneurs Forum in Dubai.

Board members of the Entrepreneurs Forum also identified approximately AED 170 million as the total essential financial requirements of its members.

Abdul Monem Bin Eisa Alserkal, Chairman, Entrepreneurs Forum in Dubai, highlighted the importance of Emirates Islamic's initiative to support the forum's members. He underlined that this initiative will play a significant role in clearing financial obstacles faced by UAE entrepreneurs and start-up companies, as these often impact the businesses negatively.

Alserkal applauded the commitment shown by the members of the Forum in attending the successful event organised in association with Emirates Islamic, to provide SME owners with tailor-made financial products and services. He also stressed the importance of hosting similar events by other organisations, to provide entrepreneurs with networking opportunities that would enhance their businesses and create more leads.

Mohammed Al Shaer, District Manager, Branches - Sharjah and Northern Emirates at Emirates Islamic, highlighted the significance of SMEs, as a robust pillar of the UAE economy. He stated that SMEs account for 92% of all firms in the UAE, 86% of the workforce and contribute around 60% to the UAE GDP.

Al Shaer expressed Emirates Islamic's commitment to support SMEs in the UAE, as part of the bank's strategy to promote entrepreneurship and support the UAE's growth. He said the bank's commitment is also in line with the strategic objectives of the UAE Government to encourage organisations to provide financial and non-financial services, aimed at helping entrepreneurs achieve economic and social empowerment.

He added that Emirates Islamic provides entrepreneurs with a wide range of innovative Sharia-compliant products and services tailored to help SMEs manage cash flow, including finance of commercial vehicles and machineries, to name a few.

SME owners attending the meeting also took the opportunity to discuss the various challenges they face, particularly with regard to obtaining credit facilities.