QIB ‘Aamaly’ offering SMEs fleet and heavy equipment financing package

Qatar Islamic Bank has launched a ‘fleet and heavy equipment financing package’ as part of its broad range of ‘Aamaly’ products specifically designed for the country’s small and medium enterprises (SME) sector. The financing enables SMEs to get the “right fleet” to grow their business, whether it is for making deliveries, shipment and distribution, carrying equipment or any other purpose. It is designed to be a convenient way for companies to get finance for their fleet, allowing them to finance any kind of vehicles: cars, vans, buses, bulldozers, earth moving equipment, diggers or lorries.QIB offers different financing amounts to suit a variety of business needs, with competitive profit rates and no additional charges. Financing tenure can be up to 48 months with a grace period of up to three months, along with flexible down payments, a fast processing time and instalment options.QIB’s wholesale banking group general manager Tarek Youssef Fawzi said any SME in Qatar that is engaged in transportation, construction, contracting, rent-a-car, trading, the service sector or manufacturing activities, could benefit from the new financing package.“QIB introduced its Aamaly products specifically tailored to sector-related packages to meet the different needs of SMEs; starting with the key sectors of construction, trading and services, where they are eligible to receive discounted fees for letters of guarantee, for bid bond guarantees in the construction sector; discounted fees for export letters of credit in the trading sector; and reduced rates for fleet and heavy equipment financing, as well as preferential rates for payroll services in the services sectors.“We are committed to supporting the country’s economy through offering financing for all kinds of business. Our Aamaly product suite is designed to provide special services to the country’s SMEs, offering them financial benefits, guidance and advice. The importance of this service is in line with the bank’s full support for the Qatar National Vision 2030,” he said.“At the same time, the SME sector in Qatar is expected to grow rapidly and play an important role in Qatar’s future growth. QIB already enjoys a sizeable corporate and retail base having a strong branch presence across the country to meet customers’ growing requirements. This new fleet and heavy equipment financing package offers SMEs complete peace of mind, and also makes perfect business sense and effective use of their capital resources. SMEs can be sure that they will get unprecedented attention and an unparalleled level of service so they can concentrate on their businesses, rather than worry about their financial requirements,” Fawzi concluded.