Muscat, Alizz Islamic Bank today signed an

MoU with Al Raffd Fund in the field of financing small and medium

enterprises (SMEs).

The memorandum was signed by Yasir Sameer Ismail al-

Azzawi, Head of SME Banking – Wholesale Banking Group, on behalf

of Alizz Islamic Bank, and was signed by Amira bint Ahmed al-Zedjali,

Director General for Development and Planning, on behalf of the Fund.

The ceremony was held at Al Raffd Fund’s Head Office in the

presence of other senior executives from both institutions.

As per the agreement, Alizz Islamic Bank will provide facilities

and benefits to entrepreneurs nominated by Al Raffd Fund to obtain

financing according to the terms and conditions stipulated by the Bank.

The nominated entrepreneurs of Al Raffd Fund will benefit from the

services provided by Alizz Islamic Bank in the event that the amount

exceeds the funding limit of the financing ceiling of the fund’s financing


Alizz Islamic Bank offers Shari’a-compliant banking solutions

using Islamic contracts such as Ijarah, forward Ijarah, Murabaha,

Diminishing Musharaka, Kafalah, Wakalah, Qard Hassan and


Speaking on the occasion, Amira bint Ahmed al-Zedjali, Director

General for Development and Planning of Al Raffd Fund said This

MoU is part of the overall vision of the fund to support entrepreneurs

and establish a healthy working environment for SMEs with both

Government entities and the private sector. Al Raffd Fund believes in

providing finance facilities with easy repayment structures for SMEs

and plays important roles in assisting these SMEs find alternative

sources of financing that meet their business requirements as per the

size of their project.

Commenting on the MoU, Yasir Sameer al-Azzawi, Head of SME

Banking of Alizz Islamic Bank said, At Alizz Islamic Bank, we

understand the challenges of operating a business in the current

economic environment and Alizz Islamic Bank’s SME banking services

is dedicated to empowering entrepreneurs to achieve their goals in

building successful and competitive companies.

Al-Azzawi added, Our SME banking solutions assist local

entrepreneurs and SMEs achieve their business goals through an array

of innovative Shari’a-compliant solutions developed by our team of

experts. Our solutions are designed to meet the needs of each

business through a variety of modern and digital banking channels that

enable entrepreneurs make many transactions with ease.

Source: Oman News Agency