Qatar Development Bank today launched the National Finance Portal “Tamkeen”, which is the unified digital platform for business financing in the State of Qatar, which brings together major financial sector institutions under one umbrella.
Qatar Development Bank explained in a statement today that the national financing portal “Tamkeen” provides an innovative and integrated solution that facilitates the process of obtaining financing for companies based in Qatar, with the aim of supporting a more efficient and flexible local business system, in order to embody the aspirations of the Qatar National Vision 2030.
The national financing portal “Tamkeen” will act as a main station for all companies seeking financing to support their business at various stages, to be linked digitally with the national banks partnering in the portal, in a step that saves a lot of time and effort, and at the same time provides the opportunity for banks to communicate with different segments of potential customers.
Tamkeen also represents an innovative strategic link that enhances cooperation between Qatar Development Bank and actors in the Qatari financial sector, to provide innovative financing solutions for companies in the private sector, which paves the way for building partnerships that benefit the business system.
In a related context, Qatar Development Bank announced the launch of the “Credit Guarantee Programme”, which is the updated and developed version of the “Al Dhameen” programme, which the bank launched for the purpose of issuing guarantees to partner banks that provide financing to companies based in Qatar, to encourage them to finance projects and businesses in the country, as the “Credit Guarantee Programme” will be integrated into the national financing portal “Tamkeen”.
In his speech during the portal’s inauguration ceremony, Mr. Abdul Rahman bin Hisham Al Suwaidi, CEO of Qatar Development Bank, said: “I am confident that the portal will represent a qualitative shift in the level and efficiency of business financing in the State of Qatar, and an example to be followed in the integration and partnership between the financial sector and the business sector, in support of sustainable development and economic diversification, as part of our endeavor to build a flexible, vibrant and competitive economy based on knowledge, led by the private sector towards greater prosperity and progress.”
Al Suwaidi added: “We have worked to develop the “Credit Guarantee Program” to contribute to sharing risks with partner banks. We will also allocate an initial amount estimated at 3 billion riyals as the total value of the program, in response to the requirements of the advanced business system, and to include broader segments of customers, which will reflect positively on the performance of our national economy.”
The national financing portal “Tamkeen” embodies a unified vision, concerted national efforts and high coordination between the most prominent institutions operating in the financial and governmental sectors in the country, as Qatar Development Bank supervised its development in accordance with the directives and leadership of the Qatar Central Bank, after consultations and coordination processes with partner national banks, with the aim of supporting the private sector and expanding financing solutions for companies operating from Qatar.
Qatar Development Bank continues its support of the private sector in the State of Qatar, which aims to raise its level of flexibility and productivity, by enabling it to launch innovative emerging businesses and projects, incubate them, and help them grow, so that they become competitive, contribute to developing the Qatari economic scene, and advance the wheel of national development.