Noor Islamic Bank and the Ras Al Khaimah Chamber of Commerce and Industry have signed a memorandum of understanding (MoU) to forge strategic partnership that will offer Shariah-compliant services to foster the growth of small and medium enterprises (SMEs).
Under the terms of the agreement, the bank will provide members of RAK Chamber with specific Islamic financial solutions such as working capital, cash flow management, business analysis, strategic and operational support, as well as reviewing and validating assumption for business plans.
Hussain Al Qemzi, Group CEO of Noor Islamic Bank, said: "We are delighted to partner with RAK Chamber of Commerce and Industry, as it gives us an opportunity to extend our services to a larger number of small and medium enterprises in the UAE through our fast growing network.
"By offering easy finance that complies with Shariah principles to new business start-ups, we will be assisting members of the RAK Chamber in identifying business opportunities. Our expanding operations will also assist businesses in strengthening other economic activities, thereby fostering the overall growth of the emirate."
In its efforts to spur economic growth in the emirate and attract investments, the RAK Chamber of Commerce and Industry offers several incentives for small and medium businesses to expand their operations.
The RAK Chamber is empowered to strike deals, sign memorandums of understanding and co-operate with Arab and overseas chambers of commerce, as well as enter into agreements with foreign countries to set up permanent facilities in the emirate under its supervision.
Yusuf Obaid Al Nuaimi, Chairman of RAK Chamber of Commerce and Industry, said: "Our strategic alliance with the rapidly growing Noor Islamic Bank will be fundamental to the growth of our members' businesses, especially through Islamic financial solutions. RAK Chamber will promote Noor Islamic Bank as a preferred financial services provider to members and users, particularly the small and medium enterprises and in laying the foundations for a stronger economic growth in the emirate. It is our first alliance with a bank and we look forward to this opportunity."
Noor Islamic is a fully Shariah-compliant bank, with an emphasis on quality and personalised service.
It offers total relationship management, providing customised solutions for retail and corporate customers, as well as small and medium enterprises.