Aafaq Islamic Finance, a leading company in the Islamic finance sector for individuals and companies affirms its continuous support for local initiatives through various features provided by the “Osool” program launched two months ago offering support to small and medium-sized Emirati enterprises in the United Arab Emirates.
The initiative is in line with the aspiration of the UAE government to activate the presence of small and medium-sized companies’ sector, and increase their level of contribution to the economic cycle, given that they are considered as the backbone of the global economy, and represent a vital sector that supports the economies of all governments globally.
To keep pace with the directions of the UAE government, Aafaq Islamic Finance continues to launch initiatives to help sources of financing for small and medium-sized companies, including the “Osool” program, which includes members of the “Mohammed bin Rashid Foundation for Small and Medium Enterprises Development” and “Khalifa Fund”.
Aafaq primarily targets Emirati companies in all business sectors, from merchants and manufacturers to service providers, as part of its continuous drive to provide funding and support local talents to enhance their capabilities and be innovative and successful entrepreneurs, competing with major international companies and help strengthen UAE’s position on the global economy map.
The “Osool” program specialises in financing small and medium enterprises owned by UAE citizens who have already pledged movable assets under the UAE movable collateral registry (Emirates movable and pledged assets registration company) or mortgage of the company’s movable assets, as a guarantee to finance the capital and operating expenses, as a commitment.
The programme supports the vision of the UAE government and the policy of its rulers in empowering entrepreneurs and creating an integrated business environment for them with practical financial solutions that guarantee the stability and growth of their companies amid market fluctuations, attractive competitive profit rates, flexible payment plans, minimal documentation required, and speedy approvals.
The advantages of the ‘Osool’ programme also includes long-term capital financing, or capital expansion requirements, for a period of 48 months, and support for purchases and deduction of receivables for a period of 6 months.
The practical partnership between “Afaq Islamic Finance”, “Mohammed Bin Rashid Establishment for SME’s Development” and “Khalifa Fund” and others will enhance effective strategies and plans to stimulate innovation and spread a business culture within an attractive environment for creative ideas and converting them into successful projects.
Various innovative programs and policies contribute to the success of the SME sector in Dubai at a global level, including the comprehensive development of infrastructure and the competitive economy based on knowledge in line with the UAE Vision 2021 and major events leading up to the upcoming Expo.
About Aafaq Islamic Finance:
Aafaq Islamic Finance PJSC was established in 2006 and provides a wide range of high quality Sharia-compliant banking products and services to corporate and retail clients. It stands out to be one of the most independent financing companies in the UAE. Moreover, the company’s strategy focuses on exploring opportunities within different business sectors to achieve the highest levels of happiness for all stakeholders including shareholders, customers, employees, strategic partners and the community.
Aafaq depends on the strength of its strategic partnership with leading institutions in the UAE, such as the Ministry of Finance, Ministry of Human Resources and Emiratization, Dubai Economy, Emaratech, Trakhees, First Abu Dhabi Bank, and many Tas-heel, Amer and Business centers and others. aafaq provides the customers of these entities with services like E-dirham, Labour Guarantees, Wages Protection System, payment services for Dubai Economy and topping up of Noqodi wallets. In addition, aafaq offers a wide range of financing solutions and smart payment tools for companies and individuals.