Emirates Islamic Bank has announced it is launching of a range of special offers for commercial vehicle, machinery and equipment financing, saying that SME businesses make up a vital sector in the UAE economy.
According to official statistics quoted by the bank, the UAE has more than 230,000 small and medium-sized companies that contribute more than 30% to the country’s GDP, and employ in excess of 42% of its workforce.
The bank said that its pricing for SMEs is in line with its “strategic objective to support local entrepreneurship through access to Shari’a compliant products and experienced relationship managers”.
“Cost is a major issue for small and medium businesses, and they are always on the lookout for discounted pricing that will enable them to access a range of facilities at lower costs,” said Faisal Aqil, deputy CEO-consumer wealth management.
“The Business Banking segment at Emirates Islamic Bank is committed to fulfilling these needs, through providing a wide range of financial solutions for commercial vehicle, machinery and equipment financing, as part of our long term strategy to support companies in the SME sector. The special pricing campaign for fleet financing has the additional benefit of being 100% Shari’a compliant.”
Under SME Vehicle financing, the bank will offer small businesses, finance for new commercial vehicles starting at 4% profit rate (flat) and at 5% flat rate for used vehicles. Under the machinery and equipment category, finance will be offered starting at 5.25% flat rate for new machinery and equipment, and 6.25% flat rate for used ones.
