Dubai-based Dar Al Tawreeq, part of Tawreeq Holdings, has launched a new working capital programme that aims to facilitate funding and liquidity to SMEs in the Mena region.
Under the name InvoiSME, the sharia-compliant receivables financing programme is offered through the company’s cloud-based Tawreeq supply chain finance platform.
Traders, manufacturers, retailers, franchise owners and other businesses in the Mena region delivering goods or services to large corporate buyers are eligible to enrol in the programme, which allows them to register online quickly and sell their invoices at a “reasonable discount” and “unlock access to liquidity in a matter of days”, the company says.
Haitham Al Refaie, group CEO at Tawreeq Holdings, says the launch will help change the lending landscape and enable the region’s SME sector to thrive.
“SMEs are the core of our economy in the region, and their sustainability is a testament of our ability to create the holistic ecosystem that accommodates their needs, with liquidity being one of the most important priorities,” he says. “We want to help change the way Mena does business, offering SMEs a window to grow more efficiently, help our economy thrive and sustain our communities through tackling the critical issues of cash flow management with our working capital solutions.”
Tawreeq Holdings is a sharia-compliant supply chain finance solutions provider based in the UAE and Luxembourg. The group also includes iSCF Capital, Tawreeq Investments and HMR Consulting.