Emirates Islamic Expands Its Support Network For SMEs

Emirates Islamic, one of the largest Islamic financial institutions based in UAE, has expanded its Business Banking center network to support small and medium enterprises (SMEs) by launching two new facilities in Sheikh Zayed Road and the Al Twar regions of Dubai. The new Business Banking centers feature exclusive meeting rooms that will enable SME clients to meet privately with their committed Relationship Managers, providing dedicated and personalized services to accommodate the specific needs of customers.

The centers also offer a service proposition that includes Shari’a compliant working capital solutions, products, trade finance, Emirates Islamic Business credit, and debit cards, and access to online banking via the newly launched ‘businessONLINE’ platform.

Wasim Saifi, Deputy CEO – Consumer Banking and Wealth Management, Emirates Islamic, said: “We are pleased to announce the opening of our new Business Banking centers on Sheikh Zayed Road and in Al Twar, Dubai. As a leading Islamic financial institution and as part of our efforts to contribute towards the growing entrepreneurial ecosystem in the UAE, Emirates Islamic is committed to supporting SMEs and providing them exclusive access to the best-in-class banking solutions, supported by superior customer service. The inauguration of our new Business Banking centers reflects our commitment to ensuring that Emirates Islamic remains the SME bank of choice for UAE nationals and residents.”

Ghazanfar Naqvi, Head of Business Banking at Emirates Islamic said: “Supporting the SME sector is a top priority for Emirates Islamic and we will continue to expand the footprint of Islamic Business Banking in the UAE and provide innovative solutions to support the growing business needs of SMEs. Following our recently launched Digital Banking Package, the opening of the Sheikh Zayed and Al Twar centers will further enhance our ability to strengthen our relationship with our SME clients in the country.”

The inauguration of the new centers brings the number of Emirates Islamic Business Banking centers to a total of 7 in the UAE. The new Business Banking centers build on Emirates Islamic’s ongoing commitment towards supporting the growth of the UAE’s SME sector.

As part of its proposition to the Business Banking segment, Emirates Islamic has recently launched a Digital Business Banking package that empowers SMEs and new start-ups in the country to open an account with a minimum balance requirement of just AED10,000. Digital Business Banking account holders will get a Debit Card with a daily limit of AED 50,000, and be able to use the bank’s businessONLINE e-banking platform for their transactions instead of visiting a branch. Also, customers will benefit from lower charges for online payments and receive preferential pricing for online transactions. Customers will also be able to make local fund transfers for a nominal fee of AED 1.

n 2019, Emirates Islamic was named ‘Best SME Bank’ at the Enterprise Agility Awards, presented by du, in recognition of its innovative and business-friendly proposition for small and medium enterprises (SMEs), and its status as a preferred bank for UAE national entrepreneurs seeking Shari’a-compliant products and services for their businesses. Emirates Islamic currently supports the banking needs of more than 46,000 UAE-based SMEs, and its Business Banking segment saw double-digit growth in 2019.