Seetharaman, along with other Doha Bank and QDB officials, after signing the pact for QDB’s ‘Al Dhameen’ portfolio risk programme.
Doha Bank has joined the new ‘Al Dhameen’ portfolio risk programme of Qatar Development Bank (QDB) in promoting the small and medium enterprises (SMEs).
With QR100mn portfolio, the new product ‘Al Dhameen’ portfolio aims at facilitating and speeding up the approvals to guaranty the value of the funding provided by the partner bank to SMEs lacking sufficient guarantees.
QDB has a special portfolio guide that describes the terms, conditions, highest global standards, due diligence, credit monitoring, applications and guidelines development, to help Doha Bank take the necessary decisions without referring to the QDB.
Developing the programme content took nearly two years of close cooperation between QDB and partner banks to cater to all needs and increase transparency.
“Al Dhameen programme primarily aims at ensuring that Qatari SMEs are capable of overcoming obstacles, guarantees and short credit history,” QDB chief executive Abdulaziz bin Nasser al-Khalifa said.
Highlighting that the programme is mainly targeting companies and start-ups, he said, “We are delighted with this partnership with Doha Bank, which asserts that all banks operating in Qatar to support and develop the SMEs sector, diversifying the private sector and building a knowledge-based economy.”
Doha Bank Group chief executive R Seetharaman said this partnership underlines the bank’s role as a frontrunner in supporting SMEs in Qatar which has been acknowledged and well received by all concerned.
“We appreciate the critical role played by QDB in promoting SMEs in Qatar through the launch of Al Dhameen programme. QDB is further augmenting that role by launching the portfolio risk offering which will further benefit the SME sector,” he said, adding the portfolio risk will be offered for sectors such as manufacturing, healthcare, education and tourism.
SME entities with a revenue turnover of up to QR30mn will be eligible for this programme, Seetharaman said.
The portfolio risk offering will help reduce the turnaround time by trimming down the processing cycle, he said, adding this also allows Doha Bank to retain its leadership position in Qatar by providing a quick financing solution to new and existing SMEs.
The SME businesses are greatly helping Qatar’s diversification story by playing an active role in the vast infrastructure development currently taking place in Qatar, according to him.
In enhancing and improving the ‘Al Dhameen’ programme, QDB relied on the survey of partner banks and all parties concerned to expand the base of beneficiaries and allow the partner banks to determine the appropriate SMEs to be financed and to fund them more flexibly.
‘Al Dhameen’ programme continued its contribution to the enhancement and diversification of the national economy and achieved the highest rates since it was launched in 2010 as the bank agreed to provide guarantees estimated at more than QR573mn for more than 212 SMEs. QR363mn of these guarantees were encashed.
