Dubai: Dubai’s banks are stepping up support for start-ups and small businesses as entrepreneurs face tighter market conditions, with Emirates Islamic unveiling a new Dh1 million campaign aimed at helping SMEs strengthen their financial footing.
The Dubai-based Islamic lender said its latest Business Banking campaign is designed to reward small and medium-sized enterprises that grow their balances, offering cash prizes to 55 business customers over three months.
The initiative runs from April 1 to June 30 and aims to give a much-needed boost to the SME community.
Emirates Islamic said more than 40,000 SMEs already bank with its business banking arm. New customers joining the bank during the campaign will receive double entries into prize draws.
Sign up for our daily business newsletter, Cheques & Balances.
The campaign’s largest prize will be Dh250,000, with two additional winners receiving Dh100,000 each in the final draw. Twelve more businesses will receive Dh25,000 prizes, while earlier monthly draws will offer smaller awards of Dh10,000 and Dh5,000.
Mohamed Al Hadi, Head of Retail Banking and Wealth Management at Emirates Islamic, said the campaign comes at a time when smaller businesses need stronger institutional backing.
“This campaign demonstrates our focus on encouraging sustainable growth while strengthening long-term relationships. SMEs are at the core of our strategic agenda and are integral to the UAE’s economic diversification and growth,” he said.
Small businesses account for the overwhelming majority of private enterprises in the UAE and play a major role in job creation, innovation and non-oil economic activity. Banks have increasingly been tailoring products to this segment as well.
Get updated faster and for FREE: Download the Gulf News app now - simply click here.
Ghazanfar Naqvi, Head of Business Banking at Emirates Islamic, said the bank’s approach is aimed at creating stronger financial foundations for entrepreneurs.
“This campaign is designed not only to reward customers but to encourage stronger financial foundations and deeper engagement with the bank,” he said.
“It reflects our commitment to empowering businesses with value-driven, transparent and Shari’ah-compliant offerings.”
Last month, Dubai itself approved economic facilitation measures worth Dh1 billion ($272.26 million) to support the business sector, with implementation set to begin on April 1 for a period of three to six months.
And yesterday, the Dubai World Trade Centre (DWTC) Free Zone signed on Monday a Memorandum of Understanding with Wio Bank to provide streamlined digital banking solutions and financial services for companies operating within its jurisdiction.
