Tamkeen and Family Bank sign agreement adding BD1 million to the microfinance portfolio

Press release

Published February 21st, 2013 - 04:46 GMT

Al Bawaba

In line with its’ continuous efforts to support the private sector, Tamkeen has recently signed an agreement with the Family Bank to increase the portfolio of the Micro-Finance Support scheme that provides small and medium enterprises as well as micro businesses with Sharia-compliant financing solutions to enable them to grow.

Following this announcement, Tamkeen will pump an additional BD1 million into the Micro-Finance Support portfolio as the second phase of this scheme is approaching. This will bring the total value of the portfolio to BD2 million. Around 1000 enterprises are expected to benefit by the end of the second phase of this scheme. To date, 653 enterprises have benefited from this support with a total support value of BD1 million.

The Micro-Finance Support scheme is part of Tamkeen initiatives to support and develop the private sector and make it the engine of economic development. The scheme basically targets existing small enterprises -- including family businesses -- and low-income individuals, enabling them to start small businesses. Tamkeen subsidies 50 percent of the profit cost charged for financing ranging from BD500 and BD7,000. In addition to financial support, the Family Bank offers advisory services to beneficiaries to enable them to correctly manage their businesses.

Tamkeen's Enterprise and Human Capital Development Vice-President Dr. Ahmed Abdulghani Al Shaikh noted that the programme has been a big success since its launch in January 2011“The success of this programme encouraged us to renew our cooperation with the Family Bank as part of our commitment to providing affordable and comprehensive financing solution to Bahraini enterprises to enable them to obtain the needed capital for expansion, development, and contribution to the national economy,” he said.

Those wishing to benefit from the programme can visit the Family Bank near Al Fateh Mosque in Manama, or call 17366177, write to info@familybankbh.com, or visit www.familybankbh.com. 

More than 66,000 Bahraini citizens and enterprises have benefited from Tamkeen’s support programmes to date, with the number expected to rise to 100,000.

Background Information

Tamkeen

Tamkeen is a public authority established in August 2006, tasked with supporting Bahrain’s private sector and positioning it as the key driver of economic growth and development. Tamkeen is one of the cornerstones of Bahrain’s national reform initiatives and Bahrain’s Economic Vision 2030.

Tamkeen has two primary objectives - firstly, foster the development and growth of enterprises, and second provide support to enhance the productivity and training of the national workforce. To achieve these objectives -Tamkeen’s 2018-2020 strategy focuses on Diversifying offerings, Accelerate delivery and Sustaining Impact.