Ruwad signs a MOU with Abu Dhabi Islamic Bank

The signing ceremony that was held yesterday (Tuesday 6th Feb) at the Sharjah Economic Development was attended by Mr. Ahmad Mohamed Al Midfa, Vice Chairman of the establishment and Mr. Ali Eissa Khalfan Alshaqoosh, Regional Manager of Abu Dhabi Islamic Bank in Northern Emirates and Sharjah Branch Manager. The ceremony was also attended by Mr. Abdulaziz Hamad Taryam, President of the executive committee of the establishment and the board members: Ali Salem Al Mahmood, Mohamed Abdullah, Shamis Saeed Al Shamsi, Mohamed Ali Al Sarkal, and Khaled Makled - the Business Development Manager.

Mr. Ahmad Mohamed Al Midfa thanked His Highness Sheikh Dr. Sultan Bin Mohamed Al Qassimi, Supreme Council, Ruler of Sharjah for his continuous support and care for UAE Nationals as well as thanking His Highness Sheikh Sultan Bin Mohamed Bin Sultan Al Qassimi, Crown Prince, Deputy Ruler of Sharjah, for his great support of the small projects that plays an important role in developing the economy.

Mr. Ahmad Mohamed Al Midfa said: "Since our establishment began, we made sure to have a cooperation and link with local organization in the private sector, financing projects there. Abu Dhabi Islamic Bank will support and finance a number of projects that are studied well, recognizing the importance of the small projects have had in the growth of American and European economies. Here they have provided new job opportunities, in addition to developing qualified personnel. Some countries already have specialized ministries that take care of such projects.'

He added: 'Finance is considered one of the main obstacles that face any project, thus choosing the correct finance parties is one of the most important stages in developing a business. Although we in Ruwad provide different ways to finance a project - either through direct financing from the establishment or through Sharjah Islamic Bank, we do appreciate that bank's support. However finding other partners is also an important issue that will benefit all of us, especially during this time when many projects are being implemented, and large amounts of money are required. Our MOU with Abu Dhabi Islamic Bank is the step in the right way."

Mr. Ali Eissa Khalfan Alshaqoosh has expressed his happiness in signing this agreement with Al Ruwad establishment and spoke of this being an important step in developing small and medium sized projects in Sharjah, encouraging Nationals to establish their own business.

He added that Abu Dhabi Islamic Bank will provide Shari'a compliant facilities and services for any projects that are accepted and that are Shari'a compliant and providing finance for up top one year.