Abu Dhabi Islamic Bank launches ‘small business finance’ to support SMEs

Abu Dhabi Islamic Bank  has unveiled a new offering aimed at small and medium-sized businesses (SMEs) in the UAE.

‘Small Business Finance (SBF)’ offers a complete financial solution for up to Dhs1.5m to support the short and long term goals of SMEs.

ADIB’s SBF is designed to cater to the business objectives of SMEs in the UAE. Businesses will receive a range of benefits that includes collateral free business finance, working capital finance for local and international purchases or CAPEX finance for equipment, machinery and auto, payment based on equated monthly installment (EMI), flexible tenor, as well as expert advice.

Mohammed Al Salem, head of business banking, ADIB, said: “SMEs play an important role in shaping economies globally. ADIB recognises their importance to the local economy and has been constantly supporting them through several initiatives that enable business owners to reach their full potential.

“Our new product is aligned with the UAE’s vision as supporters and contributors to small businesses’ growth and reinforces our position as one of the largest Islamic Banks offering a range of business banking products to support the needs of businesses.”

The lender signed an exclusive agreement with Visa earlier this year to boost the adoption of digital payments among its clients in the UAE.

Read: UAE’s ADIB, Visa partner to boost adoption of digital payments

ADIB also launched its first application programming interface (API) developer portal to drive open banking in the market, and to enable fintech developers to build new products that interact with the lender’s platforms.

Read: Abu Dhabi’s ADIB launches API developer portal to drive open banking