Qatar Islamic Bank (QIB) is pleased to announce its recognition as the “Best Bank for SMEs in Qatar” at the Asiamoney Middle East’s Best Bank Awards 2021.

QIB received the highly regarded award after meticulous evaluation of its SME offering against strong competition from leading banks in the increasingly competitive Qatari market.

This recognition is a testament to QIB’s SME-centric approach toward providing innovative financial services to small and medium-sized enterprises in Qatar, which are a vital component to Qatar’s national economy, and to its efforts in supporting the growth of the country’s private sector.

QIB’s SME offering includes a host of innovative products and services catered toward fulfilling the banking requirements of this vital sector, including the Aamaly (My Business) program, which offers tailored products and services to SMEs in Qatar. The program offers entrepreneurs financial services, advice, and guidance, and features several benefits for SMEs, including a special SME-dedicated banking center, 24-hour banking, WPS integration, cash and cheque collection, accounts, and time deposits, together with flexible lending and financing options.

Moreover, QIB has continued its path toward accelerating the digitization of SME financing and launching new products providing a full package of financial solutions and services to its SME clients. These include Merchant Acquiring Services (POS), mobile POS, and online Wages Protection System (WPS) for the automatic processing of monthly payrolls, as well as a new co-branded corporate credit cards in collaboration with Ooredoo, and corporate deposit cards.

The bank has continued to contribute significantly to Qatar Development Bank’s (QDB) Al Dhameen Program, which encourages SMEs to acquire the suitable financing from banks to grow their businesses, in addition to other initiatives launched by QDB to offer easier access to financing for Qatari SMEs.

QIB also played a significant role in the proactive national response to the economic implications of the COVID-19 crisis on SMEs and has immediately postponed financial instalments for SMEs. The bank continues to offer financial facilities and ease restrictions on SMEs to help mitigate the impact of the pandemic on the country’s private sector.

Commenting on this recognition, Mr. Tarek Fawzi, General Manager – Wholesale Banking Group said: “We are proud to once again be recognized for our offerings and support to small and medium-sized enterprises in Qatar. We will continue to support this vital sector which represents one of the pillars of our national economy which is in tandem with Qatar’s National Vision 2030 and beyond.”

Mr. Tarek added: “Innovation and digitization will remain the cornerstones of our SME program, as we strive to introduce more innovative and secure financial products and services in the market to meet and exceed our SME customers’ needs and expectations.”

Established in 1989, Asiamoney is a division of global media group Euromoney Institutional Investor PLC. The monthly publication reports and offers analysis on the financial and investment markets for capital issuers, borrowers, institutional investors and senior corporate and government monetary decision makers with business interests in Asia.

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