Emirates Islamic will reward 55 SME customers as lenders across the United Arab Emirates ramp up support for entrepreneurs.
Banks in Dubai are ramping up support for start-ups and small businesses as entrepreneurs navigate tighter market conditions, with Emirates Islamic launching a Dh1 million campaign to help SMEs strengthen their financial position.
The Dubai-based Islamic lender said its latest Business Banking initiative will reward 55 SME customers who grow their account balances, offering cash prizes over a three-month period.
Running from April 1 to June 30, the campaign is aimed at providing a timely boost to the SME sector.
Emirates Islamic added that more than 40,000 SMEs already bank with it, while new customers joining during the campaign will receive double entries into the prize draws.
The campaign’s top prize stands at Dh250,000, with two additional winners set to receive Dh100,000 each in the final draw. A further 12 businesses will be awarded Dh25,000, while earlier monthly draws will feature smaller prizes 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 small businesses require stronger institutional support.
“This campaign reflects our commitment to fostering sustainable growth while building long-term relationships. SMEs remain central to our strategic priorities and play a vital role in the United Arab Emirates’s economic diversification and growth,” he said.
Small businesses make up the vast majority of private enterprises in the UAE and are key drivers of job creation, innovation and non-oil economic activity. In response, banks have increasingly tailored their products and services to better serve this segment.
Ghazanfar Naqvi, Head of Business Banking at Emirates Islamic, said the bank’s strategy focuses on building stronger financial foundations for entrepreneurs.
“This campaign is not only about rewarding customers but also about promoting financial stability and deeper engagement with the bank,” he said.
“It underscores our commitment to empowering businesses through value-driven, transparent and Shari’ah-compliant solutions.”
Last month, Dubai approved economic support measures worth Dh1 billion ($272.26 million) to boost the business sector, with implementation beginning on April 1 and running for three to six months.
Meanwhile, the Dubai World Trade Centre Free Zone signed a Memorandum of Understanding with Wio Bank on Monday to offer streamlined digital banking solutions and financial services to companies operating within its jurisdiction.
