‘Tamweel’ portfolio exceeds BD240m

Manama : The size of “Tamweel” portfolio has been increased by more than BD21 million to reach more than BD240m in a bid to satisfy the huge demand  for the funding programme, it was announced. 

The portfolio is based on a strategic partnership between the Labour Fund “Tamkeen” and the Bahrain Development Bank “BDB”. 

The project, according to Tamkeen and BDB, aims at providing Islamic financing for small and medium-sized enterprises and the emerging private sector.

The programme focuses on industrial, service, innovative projects which have economic feasibility an added value that targets to diversify and develop the national economy. 

Dr Ebrahim Mohammed Janahi, Chief Executive of Tamkeen commented: “This programme, which forms part of Tamkeen’s commitment to providing Shari’a compliant financial solutions to local private enterprises for their establishment and growth, has proved very successful so far, resulting in the growth of around 6,000 businesses in the Kingdom, With this in mind we believe that expanding the programme to over BD240m will continue to deliver positive results and drive the national economy forward in line with the Government’s Economic Vision 2030.”

From his side, CEO of the BDB Group Sattam Sulaiman Al Gosaibi, stated, “This would definitely lead to an increase in added value and create more jobs, especially that our development goals - together with Tamkeen and in line with the kingdom’s economic vision 2030.” 

The volume of funding disbursed by Tamkeen and BDB since the launch of the programme in 2008 until the end of February 2017 has reached more than BD200m. Financing around 6,000 funding clearly demonstrates the effectiveness of this programme and the importance of continuing work on its development to meet the various aspirations.