The Family Bank, led by the Social Development Minister and Board of Directors Chairperson Dr. Fatima Mohammed Al-Balushi, took part in the Third Global Islamic Micro-Finance Forum, in the presence of the bank's Board member Dr. Khalid Ateeq and Executive Manager Dr. Atef Elshabrawy.
The forum is organised here by Al-Huda Centre of Islamic Banking and Islamic Economics (CIBE).
During the forum, Dr. Al Balooshi, designated as the main speaker in recognition of her key role in the economic and social fields, presented details of the pioneering role played by the Social Development Ministry to promote the concepts of "Social Economy" and "Partnership in Development" in the kingdom through the Family Bank, the first social bank that provides Islamic micro-finance for low-income citizens, women, youths and job-seekers.
The two-day forum includes a workshop on "How to Develop, Operate and Sustain Islamic Micro-Finance Institutions", in which a number of experts and consultants are participating.
Family Bank was launched in partnership with the Royal Charity Organisation (RCO), the Bank of Bahrain and Kuwait, Ithmaar Bank, Al-Ahli United Bank and the Kuwait Finance House-Bahrain, and operates according to a Framework of Cooperation with the Grameen Foundation.
It was licensed by the Central Bank of Bahrain in 2010, and implements its programmes in cooperation with the Labour Find (Tamkeen), as the first Islamic micro-finance bank in the Middle East with the prime objective to contribute to poverty alleviation and socio-economic empowerment of the communities it serves through the provision of sustainable Islamic financial services to the needy.
It has provided financial and training services for more than 500000 beneficiaries.