The Dubai Islamic Bank (DIB) will direct 10 percent of its total annual purchase requirements will to businesses registered under the newly created Mohammed Bin Rashid Establishment for Young Leaders. DIB will also set up an Islamic fund to finance projects under the establishment.
This is the first initiative to be launched by the Dubai Development and Investment Authority (DDIA). It aims at supporting United Arab Emirates (UAE) nationals to launch their own business initiatives and transform them into profit-making ventures.
Through the Islamic Fund that is currently being established, DIB will provide businesses registered under the Establishment with highly subsidized long-term loans of up to eight years. Furthermore, re-payment of the loans will only commence from the second year of implementation of the project. We are also co-operating with DDIA to process all financing requests that meet the specified criteria within 48 hours.
In addition to finance, DIB will provide these businesses with free project consultancy and subsidized rates on various bank fees and levies, including Letter of Credit (LC), deposits, profits and Murabaha and foreign exchange services. Each business will also be provided with a dedicated Relationship Manager to manage its various banking and finance needs, on a day-to-day basis.
On the infrastructure front, DIB will also offer these businesses leasing options, including discounts of up to 20 percent, on commercial property that the bank owns. Branches across the UAE are also geared to provide these ventures with logistics and marketing support. DIB will also provide the staff employed by these businesses with all the facilities extended to government employees, such as subsidized car finance, credit cards and Murabaha services. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
