“Enterprise Development”: The “sector” will recover from the effects of “Corona” before the end of 2021
"Afaq" launches "Osoul" to support owners of small and medium enterprises
Al-Janahi (right) and Al Qubaisi during the announcement of the new program.
From the source
Aafaq Islamic Finance Company, which specializes in the Islamic finance sector for individuals and companies in the UAE, launched the 'Osoul' program to support Emirati owners of small and medium enterprises, in partnership with the Mohammed bin Rashid Establishment for the Development of Small and Medium Enterprises.
The company stated, during a press conference yesterday, to announce the new program, that it is seeking, through "Osoul", to support the UAE government's approach to enhance the reality and future of the small and medium-sized companies sector, as part of its continuous drive to launch initiatives and programs that contribute to providing financing for such local companies.
Recovered
The Executive Director of the Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development, Abdul Basit Al-Janahi, said that the small and medium enterprises sector in the Emirate of Dubai currently represents 99.2% of the total companies operating in the emirate and embraces about 51% of the total workforce, while it contributes 46% of The GDP of the emirate’s economy.
Al-Janahi expected the small and medium enterprises sector to recover from the effects of the Corona pandemic before the end of this year, noting that the sector is one of the sectors most affected by the pandemic in the world.
An important step
He added that providing the necessary financing for the projects is a successful and important step, especially with the “Osool” program offered by Afaq companies, under the Emirates Registry for Movable Guarantees or companies that have requested pledging of the transferred assets of the company as a guarantee to finance capital and operating expenses.
Al-Janahi indicated that small and medium-sized companies can obtain financing with the guarantee of mortgage of assets, pointing out that “aafaq” will provide the necessary financing to citizens of project owners without a specific ceiling for the number or size of financing.
He pointed out that the profit rate remains stable and less than what other banks offer, which makes this appropriate for the nature of small and medium enterprises.
momentum
For his part, CEO of "Afaq Islamic Finance", Rashid Mahboob Al Qubaisi, said, "The small and medium-sized companies sector is the driving force of any economy, and we support the UAE government's vision of empowering entrepreneurs and creating an integrated business environment," adding: "Who "Here, our new program (Osoul) aims to launch small and medium enterprises, and to help their entrepreneurs by providing them with easy and flexible financial offers.”
Security
Al-Qubaisi explained that the guarantee process with the company's assets will take place through the use of the law to guarantee rights in movable funds and the electronic record for mortgaging assets, pointing out that about 200 financing companies and banks operate on the basis of the register.
He stated that the process consists of refinancing, based on private assets, indicating that the expected financing values for each project will range between 250 thousand and five million dirhams.
Practical solutions
The “Osool” program focuses on helping entrepreneurs and small and medium-sized companies in the country, by providing them with practical financial solutions that ensure their stability and growth, amidst market fluctuations, with securing attractive profit rates and adopting flexible payment plans, with minimum documents required, and quick approvals.
The new program was launched in partnership with the Mohammed Bin Rashid Establishment for Enterprise Development.
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