Doha: First Finance Company (FFC), a subsidiary of Barwa Bank Group, yesterday announced that it has postponed payment installments for registered small and medium sized enterprises (SMEs).
FFC’s decision to postpone finance installments and documentary credits dues of its SME customers without additional feeds or profits goes into effect starting March 16, 2020 for a period of 6 months.
First Finance Company will liaison directly with registered SMEs wishing to defer installments.
The new policy is adopted in line with the decision of the Supreme Committee for Crisis Management to combat COVID-19, and in response to its negative impact on the economy to help ease financial strains on new and upcoming local businesses during the current period.
First Finance Company provides financing for SMEs in Qatar with plans up to QR15m, offered up to a maximum range of five years. In a statement, FFC reiterated that the company focuses on meeting the financial needs of its customers through top-quality and full range of Shari’ah compliant financial services, and added that its aim is to continuously serve Qatari nationals, residents and a large portion of SME’s fulfilling the needs of its customers.
