Qatar- QIB inks deal with Ibn Ajayan Trading Group| MENAFN.COM

Thursday, 18 August 2022 07:07 GMT

Qatar- QIB inks deal with Ibn Ajayan Trading Group


(MENAFN- The Peninsula) The Peninsula

Qatar Islamic Bank (QIB) announced that it has entered a strategic partnership with Ibn Ajayan Trading Group. Under the terms of the deal, QIB will be the preferred financing partner for the Qatar-based equipment dealer.

Senior executives from both organisations gathered at the Bank's corporate headquarters in Doha for the official signing, with Ajayan Mahdi Al Ahbabi, Ibn Ajayan Trading Group CEO and Mazen Al Thalathini, Assistant General Manager, Wholesale Banking Group, representing QIB.

As part of the agreement, customers of Ibn Ajayan Trading Group who would like to purchase new equipment are entitled to use the Bank's attractive Fleet and Heavy Equipment financing scheme. QIB's fleet and heavy equipment financing package, a collection of products and services designed specifically for small and medium enterprises (SMEs). Through its Aamaly program, QIB supports the growth of SMEs, thus helping to diversify the country's economy in line with Qatar National Vision 2030. 'We are pleased to be partnering with Ibn Ajayan Trading Group. This new relationship enhances the value of QIB's Aamaly program and makes it easier for SMEs to expand their businesses in the growing Qatar market, said Tarek Fawzi General Manager of Wholesale Banking, QIB.

The fleet and heavy equipment financing proposition, which features competitive rates, offers SMEs a convenient way to finance the purchase of vehicles for commercial use. The program features quick turnaround, flexible down payments, and variable installment options for financing of up to 48 months. Financing is also available to registered companies in Qatar whose primary activities include transportation, construction, contracting, Rentals, trading, service, logistics, or manufacturing.

Commenting on the agreement, Ajayan Mahdi Al Ahbabi, Ibn Ajayan Trading Group CEO, said: 'Our partnership with QIB will simplify the process for acquiring and financing new commercial vehicles, trucks, cranes, concrete pumps and heavy equipment, making it more convenient than ever for our customers to obtain the equipment they need.

Ibn Ajayan Trading Group is a leading company in the field of equipment and heavy vehicles providing support to clients in construction, infrastructure and logistics. Ibn Ajayan Trading Group also offers a complete range of equipment from the world's leading brands, including IVECO Trucks.

'QIB is committed to supporting the growth and diversification of the country's economy, continued Fawzi. 'We are pleased to be working with Ibn Ajayan Trading Group, which has such deep ties in the community, to support the development of local SMEs.

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