Al Tomooh signs MoU with Emirates Islamic Bank

The move comes in light of the increase in demand on Islamic Financing. Applicants will benefit from the facilities and benefits that are provided by the Al Tomooh Finance scheme under the conditions and regulations of Islamic Financing.

Under the MoU terms, Al Tomooh will receive the applications, assess the proposals and recommend potential applications to EIB. In turn, EIB will review and ensure the credit assessment and compliance of proposed projects to Shari' a products. Upon approval from the joint board, funds will be disbursed to the applicant. The customer will also benefit from the existing various facilities provided by the Al Tomooh Finance Scheme such as, a maximum loan of Dhs2m financing of up to 90% of the total loan required, repayment to start from the 2nd year of the loan disbursement and extension option of up to a maximum of 8 years.

Commenting on the landmark agreement, Mr. Suleiman Al Mazroui, General Manager, Group Corporate Communications, Emirates NBD and Executive Member of the Higher Committee of the Al Tomooh Finance Scheme said:

"This move is expected to substantially increase the financing activities of the Al Tomooh Finance Scheme, thereby further encouraging entrepreneurship among UAE Nationals and increasing their role in driving the National Economy. Al Tomooh is always seeking methods to facilitate and increase the penetration of UAE Nationals into the competitive world of entrepreneurship. I would like to take this opportunity to invite all UAE Nationals seeking support in starting or expanding their private business to avail from this landmark innovation in the services that we provide and take part in the development of the Small and Medium Enterprises Sector which is considered one of the pillars of a healthy National Economy. We are glad to join hands with Emirates Islamic Bank to support this noble cause."

Commenting on the partnership Mr. Faisal Aqil, General Manager Retail Banking Emirates Islamic Bank said: "This agreement is a testimony to our commitment towards the local community as well as to promoting entrepreneurship. Through this partnership, we wish to play our part in the realization of the National vision by helping to develop and foster leadership among the young and budding entrepreneurs. We aim to do this by providing them financial tools to realize their full potential and ambitions. This we believe will directly and positively impact the National economy in various ways. Thus, by partnering with Al Tomooh, is a natural progression for us and will help us to assist UAE nationals who possess a unique and strategic business model and the required skills to develop a meaningful and sustainable business model"

Al Tomooh Finance Scheme for Small National Businesses and Emirates Islamic Bank are companies that are fully owned by Emirates NBD, the largest banking group in the Middle East in terms of assets. Al Tomooh was launched in 1998 as an Emirates NBD Corporate Social Responsibility initiative aiming at financing UAE National projects and has so far financed almost 110 projects with a total amount of around Dhs40m. Al Tomooh has expanded its coverage to cover most of the Emirates in the country including Dubai, Sharjah, Ajman, umm Al Quwein, Ras Al Khaimah and Fujairah.