Tamkeen has signed a partnership agreement with Al Baraka Islamic Bank under Tamkeen’s Finance Scheme, a flagship programme which facilitates low-cost financing options to private sector enterprises through a number of partner banks in Bahrain.
The agreement will add BD10m to Tamkeen’s allocated enterprise finance portfolio, increasing its total value to BD332.5m, and raises the total number of banks in Bahrain which have partnered with Tamkeen in this programme to 9 banks.
The agreement will further broaden the enterprise customer base reached under the programme, helping enterprises sustain their current operations and bolster their efforts to grow and diversify. As of December 2014, the programme has enabled more than 5,300 enterprises in Bahrain to obtain more than BD260m in financing, around 98 per cent of which were SME’s.
Tamkeen Chairman and Acting Chief Executive H.E Shaikh Mohammed bin Essa Al Khalifa, commented: “Through our programmes, Tamkeen is leading the way in institutionalising new concepts that are prerequisites for sustainable economic growth in the private sector. The Enterprise Finance programme, for example, has been instrumental in introducing affordable SME financing to the local market.”
“The benefits of the programme are multifold. On the one hand, we are helping to open new doors for young enterprises to sustain and grow, and mature enterprises to diversify their operations. At the same time, our partner banks are able to broaden their customer base,” Shaikh Mohammed bin Essa Al Khalifa added.
For his part, the Chief Executive Officer and Board Member of Al Baraka Islamic Bank Mr. Mohamed Al Mutaweh, said: “It is a part of our social responsibility to support SMEs and private enterprises in Bahrain. We trust that this step will enhance the Bank’s role in the economic development of the Kingdom of Bahrain since this sector forms the major business activities in the country. We are also pleased that all our products, including our financing and investment products, are now available to SME’s and businessmen.”
Al Baraka Islamic Bank joins Bahrain Development Bank, Bahrain Islamic Bank, BMI Bank, Al Salam Bank, Kuwait Finance House, Khaleeji Commercial Bank, and Standard Chartered as banks who have partnered with Tamkeen to meet the demand for affordable financial solutions by private sector enterprises.