Media ININ Economy We Trust
Media In – Abu Dhabi – February 13, 2019 and WAM
The Khalifa Fund for Enterprise Development and the Central Bank of the United Arab Emirates (UAE) signed a Memorandum of Understanding (MoU) to enable the direct debit service to be paid to customers of the Fund from their bank accounts at various banks operating in the country through the Central Bank’s direct debit system.
The MoU was signed at the headquarters of the Central Bank of Abu Dhabi, Mohammed Ali bin Zayed Al Falasi, Deputy Governor of the Central Bank and Abdullah Saeed Al Darmaki, CEO of Khalifa Fund for Enterprise Development, in the presence of senior officials from both institutions.
The memorandum allows the Fund to deduct the amount of payments due to the Fund-financed projectholders on a monthly basis from their bank accounts, after obtaining their approval and on the date determined by the parties. This will enhance the financing relationship between the project owner and the Fund and will contribute to reducing the cost of the project and expediting the financing process. Citizen and obstacles to the start of his project.
Mr. Abdullah Saeed Al Darmaki, CEO of the Fund said that the Khalifa Fund is working to intensify cooperation and understanding with various local and federal entities within the UAE and is expanding its activity at the regional and global levels as a model for supporting small and medium enterprises. Entrepreneurship and encouraging young people to establish successful projects in the interest of sustainable social development and serve the growing national economy.
For his part, Mohammed Ali bin Zayed Al Falasi said that the signing of this memorandum reflects the efforts of the Central Bank in continuing to support the process of electronic transformation of services provided by the federal and local institutions and bodies in line with the vision of the leadership of the state in this regard.
He added that the direct debit system managed by the Central Bank since 2013 is very important since it is a link between the funds of projects and all the banking institutions in the country, making the process of discounting the value owed by the customer against the financing offered is easy and leisure, Without the need for any additional paper documents
