Tamkeen and Al Baraka sign pact
Manama: Tamkeen and Al Baraka Islamic Bank have signed an agreement to increase their joint small and medium-sized enterprises (SMEs) finance portfolio from BD10 million to BD20m.
The top-up is part of efforts to provide sharia-compliant finance solutions to SMEs and emerging enterprises, helping them achieve their development 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 necessary funds to implement their plans and meet operational objectives.”
For his part, Al Baraka Islamic Bank CEO Mohamed Isa Al Mutaweh said: “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 BD412.5 million through 6,500 finance
contracts.
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