DOHA: Qatar is 88 percent self-sufficient in fishing and per capita fish consumption in the country is 12kg per year, or 1kg per month, roughly the same as the world average.
The state-owned Qatar Development Bank (QDB), while unveiling a financing scheme for fishermen, said yesterday the country’s fishing sector is extremely vibrant.
The total supply of fish for local consumption was 15,487 tonnes in 2011 and that included imported fish. It is interesting to note that despite not being 100 percent self-sufficient in fishing, the country exported fish to the tune of 2,208 tonnes in 2010.
Talking about its financing scheme for the fishing sector, the QDB said the new Shariah-compliant product was of up to 100 percent financing of new small fishing trawlers, motorboats and equipment through a special Murabaha-based programme.
QDB said it launched the new scheme in co-operation with the Ministry of Environment and fishing trawler owners, Qatar News Agency reported yesterday. The scheme endeavours to identify challenges and address the market needs of the fishing and fisheries sector in Qatar and provide funding for trawler owners to develop their business and refurbish their trawlers with appropriate equipment.
The QDB’s CEO, Abdulaziz bin Nasser Al Khalifa, said in a statement: “The QDB since its inception has invested significantly to develop and support local industries in Qatar.
“The new financing product will spur Qatar’s fishing industry which traditionally is one of the key pillars of the local economy and still a major source of livelihood in Qatar. “Our job does not end here, we are in constant dialogue with fishermen to understand their needs and through collaboration with the ministry, we are developing products that meet those needs,” he said.
This is the second scheme launched by QDB to support Qatar’s fishing sector and builds on the earlier initiative of financing wooden boats. It covers fishing boats and equipment up to 100 percent of the value, with a profit rate of one percent, in addition to 0.5 percent as prepaid fees (service charges).
The loan can be for tenures of up to four years with additional two months, if required.
Financing options available via this promotion can be used to buy equipment, tools and engines for fishing boats. The loan value ranges from QR50,000 to QR150,000, and depends on the length of the boat based on three categories. In the first, the length of the boat is between 18 and 24 feet. The value of the engine for this is QR50,000 and equipment worth QR10,000 for a total funding of QR60,000. In the second category, the length of the boat is between 25 and 31 feet. The value of the engine is QR90,000 and equipment worth QR10,000 for a total funding of QR100,000. In the third category, the length of the boat is between 32 and 38 feet. The value of the engine is QR130,000 and equipment worth QR20,000 for a total funding of QR150,000. The Peninsula
