Saud bin Saqr Foundation for Youth Project Development signed a Memorandum of Understanding with Aafaq Islamic Finance to provide financing solutions for small and medium enterprises registered under Saud bin Saqr Foundation for Youth Projects Development. The MOU has been signed by H. E Youssef Mohamed Ismail, head of the Supreme Committee of Saud bin Saqr Foundation, and H E Rashid Mahboob Al Qubaisi, CEO of Aafaq Islamic Finance. This MOU supports the SMEs owners in the Emirate Ras Al Khaimah and offer them loans and lending guarantees from Aafaq Islamic Finance with an aim to support their projects and improve their contribution in the gross domestic product (GDP) of the emirate.

H. E Youssef Mohamed Ismail, underscored the keenness of Saud bin Saqr Foundation for Youth Project Development to communicate with all the institutions and entities that would provide support to the SMES owners in establishing start-up companies by providing financing solutions. He affirmed that the SMEs are considered the backbone of the economy. He further noted that H H Sheikh Saud Bin Saqr Al Qasimi, Supreme Council Member and Ruler of Ras Al Khaimah attaches great attention to development of the small and medium enterprises and enhancing their contribution in the non-oil GDP of the Emirate of Ras Al Khaimah. He added “the MOU with Aafaq Islamic Finance shall help us in facilitating financing options through credit guarantees and lending, in order to offer more operational flexibility for SMEs”.

He stated that collaboration with Aafaq Islamic Finance shall not be limited to financing and lending, as further cooperation shall take place in organizing events and promotional activities for the SMEs owners, and shall include advertising for the services of both parties through the website of Saud bin Saqr Foundation and Aafaq Islamic Finance which shall also provide business consultancy services to the entrepreneurs, startups and small companies including training, guidance, market research, and feasibility studies.

H E Rashid Al Qubaisi, CEO of Aafaq Islamic Finance stated that “signing a MOU between Aafaq Islamic Finance and Saud bin Saqr Foundation for Youth Projects Development, comes in line with our objectives at Aafaq Islamic Finance, and our continuous efforts to support the SMEs sector in the Emirate of Ras Al Khaimah and

the United Arab Emirate and the region, based on our conviction that this sector represents a driving force for growth of all the economies in the world, with the innovative ideas that reflect the youth creative lifestyle and contribute to achieve their goals through simple projects, but smart and ambitious”.

Al Qubaisi added ‘this MOU shall contribute to enhance the effective strategies and plans that motivate innovation and establish the culture of business among the youth and project owners through providing a suitable environment that attract the innovative ideas and help in converting them into successful projects that contribute to the growth of our national economy and at the same time we become partners with this category and help them to achieve their goals and play their effective national role”.