Qatar Islamic Bank (QIB) – Qatar’s leading Islamic Bank – has announced a strategic partnership with the Qatar Building Company as part of its Fleet and Heavy Equipment Financing package, launched recently this year.

The signing ceremony, at the QIB’s Head Office was attended by Tarek Fawzi, General Manager of Wholesale Banking, QIB; Bader Mostafawi, Group Commercial Manager of the Qatar Building Company; and senior representatives of both companies.

Under the agreement, customers interested in purchasing or leasing vehicles or heavy equipment through Qatar Building Company, a trusted dealer of brands such as Hyundai – Heavy Industries, will be given priority access to QIB’s finance offerings.

The partnership will further extend QIB’s efforts to assist small to medium enterprises to obtain timely and efficient financing in a convenient manner – supporting businesses in the transport, construction, manufacturing or service industries to grow.

The combination of QIB’s experience in developing tailored sector-related packages along with Qatar Building Company’s industry reach will produce positive synergies for the companies’ diverse customer bases.

QIB’s Fleet and Heavy Equipment Financing package was introduced in June 2015 as part of the bank’s broad range of “Aamaly” products specifically designed for the Small & Medium Enterprise sector.

The package enables SMEs to develop the fleet facilities needed to grow their business, whether for making deliveries, shipment and distribution, or transporting equipment. It is designed to be a convenient way for companies to finance their fleet, and allows them to finance any kind of vehicle – cars, vans, buses, bulldozers, earth-moving equipment, diggers or trucks.

QIB offers different financing amounts to suit a variety of business needs, with competitive profit rates and no additional charges. Financing tenure can be up to 48 months with a grace period of 1-3 months, along with flexible down payments, a fast processing time and variable instalment options.

“This partnership underscores QIB’s commitment towards supporting the country’s economy, enhancing the role of the private sector in order to achieve suitable economic diversification as part of Qatar National Vision 2030 and enable customers to get what they need swiftly and seamlessly in order to grow their businesses,” said Tarek Fawzi, General Manager of QIB’s Wholesale Banking Group.

“Our fleet and heavy equipment financing package was introduced to meet the growing needs of our corporate customers by offering personalised attention built upon prompt service and competitive rates. The package was designed to minimise the effort associated with sourcing and financing heavy equipment and vehicle fleet, and our partnership with the Qatar Building Company will offer further convenience and simplicity.”

“We are very pleased to enter into a partnership with QIB,” added Bader Mostafawi, Group Commercial Manager of the Qatar Building Company. “With this partnership, our customers will enjoy fast-tracked financing approval, with the outcome being high levels of customer satisfaction and increased visibility – and efficient and simplified processes for QBC staff,” Mr. Mostafawi said.

The Qatar Building Company is a highly regarded local business with core services comprising civil engineering, materials production and the sale of construction equipment. Its QBC Trading division provides heavy equipment, spare parts and after-sales service from brands including Hyundai – Heavy Equipment Machines.