In a significant move to strengthen the UAE’s entrepreneurial landscape, the Emirates Entrepreneurs Association (EEA) has signed a Memorandum of Understanding (MoU) with RUYA Islamic Community Bank. This strategic partnership is designed to provide Emirati entrepreneurs and Small and Medium-sized Enterprises (SMEs) with crucial financial resources and support, fostering innovation and contributing to the nation’s economic diversification goals.
Fostering a New Wave of Entrepreneurship
The collaboration between the EEA and RUYA Bank aims to create a more robust and supportive ecosystem for local business owners. By combining the EEA’s extensive network and advocacy for entrepreneurs with RUYA Bank’s specialized financial offerings, the partnership seeks to address key challenges faced by startups and SMEs, particularly access to capital and expert guidance. The MoU was formalized in a signing ceremony attended by key figures from both organizations, including Sanad Al Meqbali, Chairman of the EEA, and Marwan Obaid Al Muheiri, CEO of RUYA Bank.
Strategic Financial and Educational Support
Under the terms of the agreement, RUYA Bank will offer a suite of Sharia-compliant financial products and services tailored to the specific needs of entrepreneurs. This includes accessible financing solutions designed to help businesses scale and innovate. Beyond capital, the partnership is committed to empowering entrepreneurs through knowledge sharing. The collaboration will facilitate a series of educational workshops, specialized seminars, and networking events, providing invaluable opportunities for mentorship and peer-to-peer learning within the business community.
A Shared Vision for National Economic Growth
This initiative aligns directly with the UAE’s national agenda to empower local talent and build a sustainable, knowledge-based economy. Sanad Al Meqbali emphasized the EEA’s commitment to creating an environment where Emirati entrepreneurs can thrive, stating the partnership will “provide them with the necessary resources and support to succeed and contribute to the growth of the national economy.” Marwan Obaid Al Muheiri echoed this sentiment, highlighting RUYA Bank’s dedication to community-centric banking and its goal to “empower entrepreneurs and drive economic development in the UAE through innovative and ethical Islamic banking solutions.”
About Emirates Entrepreneurs Association (EEA)
The Emirates Entrepreneurs Association is a non-profit organization dedicated to supporting and promoting entrepreneurship within the UAE. It works to create a conducive environment for business growth by offering resources, fostering connections, and advocating for policies that benefit the entrepreneurial community. The EEA plays a pivotal role in nurturing the next generation of Emirati business leaders.
About RUYA Islamic Community Bank
RUYA Islamic Community Bank is a financial institution focused on providing Sharia-compliant banking solutions. With a community-centric approach, the bank aims to serve the unique financial needs of individuals and businesses in the UAE, emphasizing ethical practices, innovation, and support for local economic development.
Looking Ahead
The partnership between the EEA and RUYA Bank marks a vital step in institutionalizing support for the UAE’s SME sector, which is the backbone of its economy. For founders, this collaboration opens up a new, specialized channel for Sharia-compliant funding, a critical area for many startups in the region. As the programs and financial products roll out, the real measure of success will be the tangible growth and success stories of the entrepreneurs who leverage these new resources. This move signals a growing synergy between advocacy groups and financial institutions, a trend that could significantly accelerate startup momentum across the Emirates.
Source: Zawya
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