Ajman discussion forum announces new SME related project and new fund

He continued that this project will help crate an investment wise environment in coordination with Ajman bank and Sharjah American School and Ajman University within the strategy set to make Ajman an international economic hub.

"It is a developed project specifically related to the Emirate of Ajman for adopting new innovative means in the market with regard to the SMEs sector; it also supports the same using Islamic products, and that this support will be provided by all government authorities as well as other federal departments,"

said Hisham Yosuf, Head of Corporate Finance, Ajman Bank.

"The project is being considered by all parties and will be announced within the few following months." He concluded.

The said announcement was made during the fourth discussion forum "Falak Tayyeb for Business" which was organized by Mawarid Finance Group of Companies in association with Ajman Businesswomen Council yesterday at Kempinski hotel in the presence of: Mohammed Mosabeh Al Neaimi, CEO, Mawarid Finance. The discussion forum managed by Rehab Lootah, SVP, BDCC, Mawarid Finance, and attended by Obaid Al Muhairi, Chairman of Ajman Chamber of Commerce, Aayesh Al Barghouthi, General Director of Financial Affairs, Ajman Ruler's Court, Dr. Amena Khalifa, Ajman Businesswomen Council, As well as representatives from all local departments in the emirate of Ajman and other organizations that support the SMEs such as Khalifa Fund, Mohammed bin Rashid Establishment, Saud bin Saqr Program. This is the fourth discussion forum organized by Mawarid Finance, as the three discussion forums were held in Dubai, Ras Al Khaimah and Abu Dhabi respectively.

"Mawarid Finance will continue their support to SMES all over the emirates through discussion forums that are attended by leading figures and decision makers in addition to the entrepreneurs themselves, as we recognize the effective role of the youth in the national economy," said Mohammed Al Neaimi, CEO, Mawarid Finance.

Directors of local departments, officials and representatives of all those authorities interested in support of small business reviewed the services provided by their institutions and exemptions from fees for new licenses for three consecutive years, the organization of seminars, training courses, workshops, exhibitions and marketing, adopting projects accordance to their proven quality and productivity, and the allocation of land and incubators for these projects, in addition to the facilities used by the owners of such enterprises and associated institutions, including supporting and sponsoring them to strengthen the role of all economic sectors to boost economic development in the emirate.

Ahmad Al Zaabi, Senior Director, strategy and planning department, Khalifa Fund, announced that Makhater (Risks) Fund will be shortly launched, and this fund will contribute to the support of SMEs through investments and capital shareholding to minimize or eliminate the risks of investment.

Mohammed Sultan Al Olama, the sharia scholar, clarified the essentials of sharia investment, commercial transaction, halal and haram principles with regard to Islamic Murabahas.

Afterwards, Mohammed Mosabeh Al Neaimi let entrepreneurs to speak about their concerns and problems faced by them such as marketing challenges, high cost feasibility studies and expensive rentals.

Attendees of the forum hoped that all efforts of organizations be unified for the benefit of SMEs sector, and expressed their appreciation for organizing such forums that contribute to solving problems they face in an effective transparent manner.