• Oman

    • Sharakah signs an agreement with Eltizam to offer Sharia-compliant solutions for SMEs in Oman

    By on March 30, 2024

    Muscat: Sharakah, Oman’s premier SME development firm has announced a collaboration with Eltizam Financial Sharia Consultancy Company, a specialist in Islamic product solutions. This collaboration aims to ensure that Sharakah’s offerings are Sharia compliant, marking a strategic step towards catering to the growing demand for Sharia-compliant solutions and products among SMEs.

    The agreement, signed by Ali Ahmed Muqaibal, CEO of Sharakah, and Sulaiman Al Siyabi, CEO and co-founder of Eltizam, lays the groundwork for integrating Sharia-compliant solutions into Sharakah’s schemes. This initiative is set to steer Sharakah’s operations and aligns them with Islamic principles, focusing on the structural concepts that resonate with Sharakah’s vision and objectives.

    Sharakah’s expansion with its Sharia-compliant solutions among SMEs is directed to extend its support to a broader range of SMEs in the sultanate. The partnership will introduce a variety of Islamic financial products, including short and long-term credit facilities like Murabaha, Ijara, and Wakala, tailored to the diverse needs of businesses.

    Ali Ahmed Muqaibal said, “In recognition of the role of the Sharia’ compliant products in the market, we are looking to effectively cater to SMEs seeking Islamic products. This will contribute to the growth and development of the SME market opportunities where Eltizam could provide substantial value and support.”

    A representative for Eltizam highlighted the importance of this partnership in fostering Oman’s entrepreneurial spirit and supporting the SME ecosystem, particularly for businesses keen on adhering to Islamic principles.

    This agreement encompasses cooperation across various areas, reflecting a mutual commitment to supporting the growth and sustainability of SMEs in Oman.

    As Sharakah celebrates its 25th year of supporting SME development, this partnership with Eltizam signifies a pivotal step towards enhancing its service offerings and contributing to the economic expansion and diversification of Oman.

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