Tamweel+ Portfolio Hits BHD 60 Million Through a New Partnership With Al Salam Bank-Bahrain
Tamkeen and Al Salam Bank-Bahrain have signed a portfolio worth BD 20,000,000 within the Sharia-compliant financing program “Tamweel+” which was recently launched by Tamkeen with a competitive profit rate.
Tamweel+ aims at providing financing solutions to projects of worth ranging from BD 1,000,000 to BD 2,500,000 with Tamkeen supports 70% of the annual profit rate capped at (8% on reducing balance).
Dr. Ebrahim Mohammed Janahi, CEO of Tamkeen, expressed his pride in the growth achieved by Tamweel+ on this occasion, saying, “We are delighted that the portfolio of Tamweel+ has reached BD 60 million, shortly after the launch of the program in January 2017. This comes within the framework of our endeavor to serve a larger segment of citizens and institutions, providing them with the funding necessary to expand and internationalize.”
He added, “We are proud of our ongoing seven-year-long partnership with Al Salam Bank and delighted that they joined the Tamweel+ program. Through this partnership, we look forward to assisting many institutions in Bahrain to achieve further growth and development.”
Commenting on this agreement, Mr. Anwar Murad, Deputy Group CEO of Banking at Al Salam Bank-Bahrain said:
“As one of the pioneering Shari’a-compliant banks in the Kingdom of Bahrain, we are pleased to sign this agreement with Tamkeen for Tamweel+, providing enterprises financing facilities that will help entrepreneurs access quick and suitable financing solutions for the development and expansion of their business, in addition to benefitting from our innovative and Sharia-compliant banking products and services.”
Mr. Anwar Murad added, “Coinciding with our commitment to support and encourage investments in important sectors, it is our responsibility to contribute to the growth of the local economy and to strengthen leadership in private enterprise development.”
The program allows institutions the freedom to use this financing for the purpose of investment, expansion or diversification, in addition to a long term repayment period of up to 10 years. The objective is to support medium and large institutions, aiding them to address the most important challenges they face during their various developmental stages.
The partnership between Tamkeen and Al Salam Bank began in July 2010, by providing required financing to institutions through the program Tamweel, the combined portfolio of which has reached BD 58 million to date, contributing to the support of over 250 institutions in the Kingdom of Bahrain.
For Tamweel+ application procedures, clients can visit the Corporate Banking Department of Al Salam Bank-Bahrain’s headquarters at the Bahrain World Trade Center – East Tower, 18th floor. For more information, please contact our customer care center at 17005500.