Craternet… Dialogue/Noor Ali Samad
Money What do you know about money Money has become a mainstay for financing any project or purchasing any of the necessary products needed by any person, and since most people cannot obtain it through the usual methods, resort many people resort to loans from banks to obtain it. .
Al-Qutaibi Islamic Microfinance Bank is one of these banks where any customer can get the necessary support and financing to build his idea or investment, commercial or craft project, or to purchase his various products with ease and comfort.
To take a closer look at the bank’s goals and missions, we had this dialogue with Mr. Ayed Al-Maamari, Deputy Director General for Investment Affairs, Head of the Finance and Investment Sector at Al-Qutaibi Islamic Bank for Microfinance, and Mr. Aseel Barhim, Director of the Finance Department in the same bank.
**When was Qotaibi Islamic Bank established?
* Al-Qutaibi Islamic Microfinance Bank was established in August of the year 2021 AD. During this short period, the bank was able to finance many investment and entrepreneurial projects thanks to the skill of its wise leadership and its administrative and technical staff, who became the talk of the town.
** What are the areas in which Al-Qutaibi Bank operates?
* The Bank works in the field of microfinance and directs the majority of its efforts to productive and pioneering projects that contribute to the achievement of real sustainable development. In addition, the Bank is keen to build successful partnerships and working agreements with its clients in the public and private sectors, where financing agreements have recently been signed with five government facilities, namely The Office of the Aden Governor, the National Oil Company, the Ministry of Planning and International Cooperation, the textbook printing, the Ministry of Civil Service and Insurance, and God willing, many other agreements will signed with many other parties at the public and private sector level.
** What are the main objectives of the bank?
* The bank strives to provide leading financial and banking services and financing products at a competitive cost and high quality and in an innovative manner. This is a brief overview that summarizes the objectives of the bank with a big vision, in addition to that, and being in the finance and investment sector, we are very keen not only to finance but also to support, to finance and empower productive families, owners of pioneering and productive projects, small and micro enterprises, and projects that contribute to the reduction of poverty and the improvement of the standard of living of the poor classes from unemployment rates and contribute to the process of economic growth in general.
** What are the guarantees required for financing applicants?
* We in the management of Al-Qutaibi Islamic Bank are always eager to facilitate and facilitate the required guarantees. For example, if the applicant for financing needs one million Yemeni riyals, in this case he must have a commercial guarantee from any commercial shop that has a license to practice a profession, and the installments are more than twenty-four months (two years) with a margin A very simple profit, since it is the least profitable compared to other banks operating in the Republic of Yemen, since we are dealing with a 100% Islamic system, in addition, we sell in Al-Qutaibi Bank that we own (own) and we deal in Murabaha, which is the only bank registered in this field, and we also have an ambition to be greater a measure of society and in other Islamic formats target in coordination with the Sharia Supervisory Board Among the required guarantees are a gold guarantee, a balance guarantee reserved by Al-Qutaibi Bank and a bank guarantee letter from any other bank. The required warranties are multiple, and our dear customers can choose what suits them
** When you mention the formulas, what are the other Islamic formulas you are talking about?
The Istisna’a formula, which is represented by the client’s request for a commodity from the bank, and the bank is unable to finance it with the value of the Murabaha because it does not deal in it, so it becomes he forced to enter into a contract with the other party who is able to supply his commodity, such as bedrooms or other furniture, and the bank pays its value, and then the customer pays the value of the commodity in installments According to the contract that closed between him and the bank.
The partnership formula in which the client presents a feasibility study for his project. If it is feasible and convincing for both parties, the bank finances the project.
* The competitive partnership formula is related to the bank’s support for the project owner and the work of the feasibility study, and then enters with him as a partner, and the client pays the installments every quarter gradually until he becomes the owner of the project in the end.
* Mudaraba formula In this formula the bank finances any person who has sufficient experience in any field and does not have money such as medicine, contracting or electrical… The customer is creditworthy and has full readiness to achieve this or that field, and the bank finances his project with a mudaraba contract agreement for a period.General and he works in it, and in light of the agreement concluded between the two sides and the expected profit margin, the profits are equalized by 50% for each party, and the bank continues to provide support until it completes its project, and this is how the mechanism is completed if another new project is requested.
* The form of speculative tender participation, which is related to the needs owned by the bank and sells them to customers in installments, as the bank owned goods through the various exhibitions in its possession, such as the comprehensive building materials exhibition, which all the customer’s demands of these materials, an exhibition of electrical and electronics, an exhibition of cars, and Taybat Aden Foodstuff Company.
** You recently signed an agreement with the office of Aden Governor on facilitating the acquisition of financial credits for citizens. How is the deduction process?
* Yes, with God’s success we signed this agreement, which was the first of the agreements signed with government agencies, which includes that 40% of the employee’s salary will be deducted, as we were aware of the low level of wages and salaries in most government facilities, where the deduction process is done by the facility itself by writing a check For the bank at the end of each month, most of the employee’s requests are primarily consumptive
**Is it possible for employees in the private sector to obtain the necessary financing from the bank?
*They can certainly obtain it in easy and convenient ways, especially if it is a company or institution, where we sign an agreement with the relevant company or institution on the transfer of the salaries of its employees to the bank, and when the employee must finance a project or acquisition of a commodity owned by the bank, he is asked to submit the application with a guarantee from two colleagues without reference to his company or institution to request the necessary guarantees.
** What are the next goals of the bank?
The coming goals are many, God willing. Perhaps the most prominent of these goals is in the area of finance and investment, where its aspects will be dispersed. For example, in November, God willing, we will provide support and financing to the fisheries sector, as it is one of the essential sectors. All with small fishing boats, machinery and necessary fishing supplies such as nets and others. And in very easy installments, as we aim to encourage this productive category. We also appeal to farmers who are able to give and improve the quality of their products and who cannot finance it to submit any requests to the bank’s management to obtain the necessary support and financing.
Our tendency to target these groups did not come out of nowhere or by chance, but after we found that the majority of the government’s utility requests are regular consumer requests aimed only at meeting the immediate needs of his family, and they do not have projects or feasible ideas. which benefits them and their community. However, our doors will remain open to everyone A serious and ambitious client who has his own project, our message is sublime in every sense of the word.
** What is your call for women?
*Of course, in the present time, God willing, women have become a leader in the pioneering field, so we would like to send a special message through you to all women products who have talents or crafts such as sewing, knitting, incense making, accessories, women -entrepreneurs and everyone who has a project idea or work to submit their application to Al-Qutibi Islamic Bank to finance them, as we will provide them with the best services, consultations and a feasibility study if they require us to do it to do They are the pillars of this society.
** A final word at the end of our conversation:
* We all know that at Al-Qutibi Islamic Bank for Microfinance we are always happy to serve the community and anyone who has business ideas or pioneering and productive projects just need to present his ideas and we are ready to conduct workshops organize as well as study the feasibility of these projects and find specialists for the necessary training for their projects, i.e. financing and empowerment so that his project can stand Provided that the submitted project is qualitatively and economically, socially and nationally feasible .