Al Dhameen Program's Portfolio Grew to QR 1.4 Billion in 2016

Al Dhameen program's portfolio grew to QR 1.4 billion in 2016, said Executive Director of Business Finance, Qatar Development Bank (QDB), Khalid Al-Mana at an awards ceremony held today to recognize the contributions of participating banks that have supported the development organization's Al Dhameen indirect loan facility program.
Al Mana said: "Since we first undertook the Al Dhameen journey seven years ago, the number of supporting organizations has grown to today include 14 partner banks. This expansion confirms the confidence that the success of the Al Dhameen program has inspired across the country, and it is worth mentioning that in 2016, the program’s portfolio grew to QR 1.4 billion. Notably, this year, the Al Dhameen program granted approximately QR 366 million in loans and reached 110 SMEs in Qatar." At the ceremony, held in the presence of HE the Chairman of QDB Sheikh Abdullah bin Saud Al-Thani, Al Mana said 3 partner banks were awarded the "Best Partner Bank" titles after having successfully met the criteria set by Al Dhameen program in recognition of their uniquely outstanding support in financing small and medium-sized enterprises (SMEs) across Qatar. One core component of the criteria involved the undertaking of a client poll, which had scales evaluating the services provided by partner banks to customers. The responses were averaged to determine an overall rating of the partner bank.
Commenting on the purpose of the awards ceremony, CEO, QDB, Abdulaziz bin Nasser Al Khalifa said: "Our organization of the very first Best Partner Bank Awards stems from our firm belief that the strong role - played by participating partner banks - in supporting the growth of Al Dhameen deserves a rich accolade. Due to the support of participating banks, the Al Dhameen program has grown considerably since its launch in 2010, helping scores of entrepreneurs overcome the most critical challenge to all SMES: lack of access to finance. Thanks to Al Dhameen partner banks, SMEs can now go on unhindered to positively impact the Qatari society and economy with their wealth of creative business ideas." He continued: "Importantly, the sectors that have been funded through the Al Dhameen indirect loan facility program are critical to nation's diversification push, as outlined in the Qatar National Vision 2030. These include the manufacturing, healthcare, education, tourism and value-added services sectors." 
The winning partner banks were selected this year in accordance with stringent criteria set by QDB, including a questionnaire that was completed by program clients. The evaluation was based on the partner banks’ capabilities in terms of legal and technical support as well as the speed with which it overcame obstacles facing customers. This meant that the banks were also evaluated on their ability to provide full support to customers during the approval of credit and the rapid stages of termination of the exchange procedures and methods of payment, as well as measuring the quality and efficiency of interaction between customers and managers of relationships in banks.
The Best Partner Bank Award ceremony this year comes as the latest in a series of initiatives, programs and activities organized by QDB to contribute to the growth of SMEs, in line with the Qatar National Vision 2030, to diversify the sources of national income, stimulate the private sector and develop a knowledge-based economy.
In 2010, Qatar Development Bank (QDB) launched Al Dhameen to encourage banks to finance SMEs that have a short credit history or have no collateral to support borrowing. The program does not provide direct financing to SMEs, but rather offers business owners a facility to receive the required financing for a project from a partner bank, through issuing guarantees in favor of that bank.

Source: QNA