Tamkeen and Family Bank signed an agreement to add BD2 million to the microfinance support scheme, bringing the programme’s total portfolio value to BD 5 Million. The programme is part of the Enterprise Finance Programme that Tamkeen offers in collaboration with several partner banks in Bahrain to provide low-cost financing solutions to private sector enterprises.
The agreement is part of Tamkeen’s and the Family Bank’s efforts to provide customised Sharia-compliant financing solutions to help micro enterprises, including productive families, to grow, in addition to enabling low-income Bahrainis to establish small businesses. Under the programme, Tamkeen supports 50% of the loan profit. Finance amounts range between BD500 and BD5,000. Tamkeen also provides advisory services to customers to help them sustain and grow their businesses.
To date, more than 1,538 enterprises benefited from the microfinance programme. The total value of the Enterprise Finance Programme, which the microfinance programme is a part of, now stands at BD368.5 million. More than 7,000 enterprises benefited from the overall programme.
"Tamkeen works continuously to create opportunities for all enterprises to develop and grow," Tamkeen Chairman and Acting CE H.E Shaikh Mohammed bin Essa Al Khalifa said. "Small and micro enterprises in particular need support and advice to expand and mature, and this is why we signed this agreement with Family Bank to enhance the microfinance programme, which proved efficient and consistent with Tamkeen's new focus on customers, quality, and the achievement of results."
For his part, Khalid Abdullah Ateeq, Family Bank CEO and Board member, said he was pleased with Tamkeen's support of profits on loans to the bank's customers as this eases the burden on low-income families, the key segment targeted by Family Bank. He said the microfinance programme provides these families with the opportunity to engage in businesses that support their income and enable them to become productive members of the Kingdom's thriving and prosperous economy.