The new product will support small businesses in managing their cash flow efficiently and give them the freedom to take advantage of new opportunities as and when they arise.
Javed Afzal, CEO of Aseel Islamic Finance, said: “Good cash-flow management and fluid working capital is the heartbeat of any business. This new Shari’ah-compliant Business Finance service from Aseel Islamic Finance will take care of customers’ cash-flow requirements, enabling them to operate efficiently and prosper using a service which reflects their values and principles.”
According to statistics from Dun and Bradstreet (D&B), SMEs represent almost 92 per cent of the total number of companies in the UAE and provide over 86 per cent of private-sector jobs. Given the integral role that SMEs play in the sustainable development of the economy, the UAE is making considerable efforts to support these businesses and tackle the difficulties they face in securing financing.
Allowing SMEs to take advantage of increased solvency and liquidity, Aseel Islamic Finance’s Business Finance solution enables companies to ensure they have funds available to pay bills on time and maintain good relationships with their suppliers, whilst waiting for invoices to be paid. Customers can also access cash for daily expenses such as utilities, maintenance and repairs, covering their business when costly, unforeseen circumstances arise.
The new Business Finance solution gives companies the opportunity to make quick cash payments to get the best prices on business purchases and relieve additional stress on their business cycles. Free Takaful for the company owner is also offered as part of the Business Finance service, allowing SMEs to protect their business in the case of any unexpected incidents.
Hana Al Rostamani, Chairperson of Aseel Islamic Finance, said: “Accounting for 60 per cent of the UAE’s non-oil GDP, SMEs are vital to the country’s growth and we are keen to support the government and the local business community in driving SME development and entrepreneurship with innovative products which will make a demonstrable difference to businesses across the UAE. SMEs are paving the way for economic growth and job creation in the UAE and we are committed to providing them with the support they need to succeed and meet their objectives.”
Originally published on http://www.cpifinancial.net