(MENAFN- Muscat Daily) Muscat- Alizz Islamic Bank on Monday signed a memorandum of understanding (MoU) with Al Raffd Fund in the field of financing small and medium enterprises (SMEs).
The MoU was signed by Yasir Sameer al Azzawi, head of
SME banking at Alizz Islamic Bank, and Amira bint Ahmed al Zadjali, director general for development and planning at Al Raffd Fund.
The signing ceremony was held at Al Raffd Fund's head office in the presence of other senior executives from both institutions.
As per the agreement, Alizz Islamic Bank will provide facilities and benefits to entrepreneurs nominated by Al Raffd Fund to obtain financing according to the terms and conditions stipulated by the bank.
The nominated entrepreneurs of Al Raffd Fund will benefit from the services provided by Alizz Islamic Bank in the event that the amount exceeds the funding limit of the financing ceiling of the fund's financing programmes.
Amira said, 'This MoU is part of the overall vision of the fund to support entrepreneurs and establish a healthy working environment for SMEs with both the government entities and private sector. Al Raffd Fund believes in providing finance facilities with easy repayment structures for SMEs and plays important roles in assisting these SMEs find alternative sources of financing that meet their business requirements as per the size of their project.'
Azzawi said, 'At Alizz Islamic Bank, we understand the challenges of operating a business in the current economic environment and the bank's SME banking services is dedicated to empowering entrepreneurs to achieve their goals in building successful and competitive companies.'
He added, 'Our SME banking solutions assist local entrepreneurs and SMEs achieve their business goals through an array of innovative Sharia'a-compliant solutions developed by our team of experts. Our solutions are designed to meet the needs of each business through a variety of modern and digital banking channels that enable entrepreneurs make many transactions with ease.'
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