Alizz Islamic Bank, Al Raffd Fund sign MOU to finance SMES

MUSCAT: Reinforcing its position as one of Oman’s most dynamic and innovative Islamic banking institutions, Alizz Islamic Bank has signed an MOU with Al Raffd Fund in the field of financing small and medium enterprises.

The memorandum was signed by Yasir Sameer Ismail al Azzawi, Head of SME Banking — Wholesale Banking Group, on behalf of Alizz Islamic Bank, and was signed by Amira bint Ahmed al Zadjali, Director-general for Development and Planning, on behalf of the Fund. The 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.

Alizz Islamic Bank offers Shariacompliant banking solutions using Islamic contracts such as Ijarah, forward Ijarah, Murabaha, Diminishing Musharaka, Kafalah, Wakalah, Qard Hassan and Mudaraba. As the bank continues to innovate, it will be introducing a growing number of banking solutions through these types of contracts that are guided by Sharia principles and in line with regulatory authorities.

Amira bint Ahmed al Zadjali, Director-general for Development and Planning of Al Raffd Fund 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 government entities and the private sector. Al Raffd Fund believes in providing finance facilities with easy repayment structures for SMES and plays an important roiles in assisting these SMES find alternative sources of financing that meet their business requirements as per the size of their project”

Commenting on the MOU, Yasir Sameer al Azzawi, Head of SME Banking of Alizz Islamic Bank said, “At Alizz Islamic Bank we understand the challenges of operating a business in the current economic environment and Alizz Islamic Bank’s SME banking services is dedicated to empowering entrepreneurs to achieve their goals in building successful and competitive companies.”

Al Azzawi added, “Our SME banking solutions assists local entrepreneurs and SMES achieve their business goals through an array of innovative Sharia-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.”