Tamkeen continues to support Bahraini women businesses

Manama : Tamkeen yesterday said it continues to support Riyadat Finance Scheme, a financing portfolio dedicated to support and develop Bahraini women businesses in partnership with the Supreme Council for Women (SCW) and Bahrain Development Bank (BDB).

Since its launch in March 2016, Riyadat Finance Scheme has supported 46 business projects with a total of 1 million Bahraini Dinars. The portfolio will remain active until 2020.

“Tamkeen’s support for Riyadat Finance Scheme is part of our continuous efforts to empower Bahraini women and help remove financial obstacles facing their businesses to prosper and play a significant and influential role in the kingdom’s national economy and comprehensive development,” said Dr. Ebrahim Mohammad Janahi Tamkeen’s Chief Executive

Riyadat Finance Scheme provides Bahraini women entrepreneurs with low-profit sharia-compliant financing to support and develop women businesses. With a portfolio of BD37.7 million ($100m) provided by the BDB and fully subsidised by Tamkeen, the portfolio targets various business segments, such as start-ups, growing and matured businesses.

Under Riyadat Finance Scheme, Tamkeen subsidises 100 per cent of the annual profit rate for finance ranging between BD5,000 and BD30,000 with a repayment period of no more than three years, and 60pc of the annual profit rate for finance amounts more than BD30,000 and less than BD100,000 with a repayment tenure of up to 10 years. 

The innovative Riyadat Finance Scheme is a result of a strategic partnership amongst Tamkeen, SCW and BDB, which got materialised by a Memorandum of Understanding, signed on 3 March 2016. 

In 2010, Tamkeen launched the Microfinance Scheme with a portfolio of BD1m to support microbusinesses, start-ups and small businesses as well. This scheme was in cooperation with Ebdaa Bank which offered finance amounts of up to BD5,000 for each applicant, with a repayment tenor of up to 3 years. 

Tamkeen’s support was mainly subsidising 50pc of the annual profit rate leading to appealing and more affordable financing.  Overall, the scheme served 421 businesses including home-based businesses that used to find difficulties accessing financial support to grow and develop.