Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, announced that it has entered a strategic partnership with Jaidah Equipment. Under the terms of the deal, QIB will be the preferred financing partner for the Qatar-based equipment dealer. Senior executives from both organisations gathered at the Bank’s corporate headquarters in Doha for the official signing, with Tarek Fawzi, General Manager of Wholesale Banking representing QIB and Managing Director Ayman Ahmed signing on behalf of Jaidah Equipment.
As part of the agreement, customers of Jaidah Equipment who would like to purchase new equipment are entitled to use the Bank’s attractive Fleet and Heavy Equipment financing scheme. QIB’s Fleet and Heavy Equipment Financing package was introduced last year as part of the Bank’s Aamaly programme, a collection of products and services designed specifically for small and medium enterprises (SMEs). Through its Aamaly programme, QIB aims to foster the growth of SMEs, thus helping to diversify the country’s economy in line with Qatar National Vision 2030.
“We are pleased to be partnering with Jaidah Equipment. This new relationship enhances the value of QIB’s Aamaly programme and makes it easier for SMEs to expand their businesses in the growing Qatar market,” said Tarek Fawzi – General Manager of Wholesale Banking, QIB.
The Fleet and Heavy Equipment Financing proposition, which features competitive rates, offers SMEs a convenient way to finance the purchase of vehicles for commercial use. The programme features quick turnaround, flexible down payments, and variable instalment options on financing of up to 48 months. Financing is also available to legally-registered companies in Qatar whose primary activities include transportation, construction, contracting, Rentals, trading, service, logistics, or manufacturing.
Commenting on the agreement, Ayman Ahmed, Managing Director of Jaidah Equipment, said “Our partnership with QIB will simplify the process for acquiring and financing new commercial vehicles, trucks, cranes, concrete pumps and heavy equipment, making it more convenient than ever for our customers to obtain the equipment they need.”
Jaidah Heavy Equipment is a division of locally-based Jaidah Group, one of Qatar’s oldest companies. The largest equipment supplier in Qatar, the company provides equipment and support to clients in construction, infrastructure, logistics and warehousing, power generation, transport and municipal applications. Jaidah Equipment offers a complete range of equipment from the world’s leading brands, including Komatsu, Bobcat, UD Trucks and Isuzu.
“QIB is committed to supporting the growth and diversification of the country’s economy,” continued Fawzi. “We are pleased to be working with Jaidah Group, which has such deep ties in the community, to support the development of local SMEs.”
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