Tamkeen and Al Baraka Islamic Bank have signed an agreement to increase their joint small and medium-sized enterprises (SMEs) finance portfolio from BHD10 million to BHD20 million. The top-up is part of the two organisations’ efforts to provide sharia-compliant finance solutions to SMEs and emerging enterprises, helping them achieve their development an and growth goals.
Commenting on the agreement, Tamkeen Chief Executive Dr Ebrahim Janahi said: “Tamkeen constantly works to support private sector enterprises overcome challenges and difficulties that hinder their development. One of the most serious challenge for these enterprises is securing the necessary funds to implement their plans and meet operational objectives. Therefore, Tamkeen works with a number of partners to provide finance solutions tailored for the needs of enterprises in the Kingdom. We are delighted to extend our agreement with Al Baraka Islamic Bank to give Bahraini business owners the chance to develop and grow their enterprises.”
For his part, Al Baraka Islamic Bank CEO Mohamed Isa Al Mutaweh said: “The agreement to increase the joint SME finance portfolio between Tamkeen and Al Baraka Islamic Bank proves the effectiveness of the program, as was evident in the financial statements of the enterprises that were financed by the bank after the signing of the first agreement under Tamkeen's Enterprise Finance scheme. With this agreement, many enterprises and projects will be able to develop their services and products, further contributing to the national domestic product.”
From September 2008 to March 2016, Tamkeen's Enterprise Finance Scheme, in cooperation with partner banks, has provided enterprises with BHD 412.5 million through 6,500 finance contracts.