NBB, Tamkeen partner for SME growth

TDT | Manama

The Daily Tribune - www.newsofbahrain.com

Email: editor@newsofbahrain.com

The National Bank of Bahrain (NBB) has signed a partnership agreement with the Labour Fund (Tamkeen) to deliver Sharia-compliant subsidised financing to enable enterprises to achieve their growth and expansion plans.

This agreement is part of the Financing Support programme offered by Tamkeen, which aims to provide Sharia-compliant financial solutions in the form of subsidising part of the financing profit to enable enterprises to grow and develop.

Recognising their pivotal role in boosting the national economy, NBB will be supporting the development of Small and Medium-sized Enterprises (SMEs) through a comprehensive financing scheme.

Customers will be able to submit their financing applications through the bank, which will be evaluated according to the criteria set by the bank. Applicants that are approved will receive subsidised interest rates from Tamkeen, coupled with the working capital needed to fuel the growth of their businesses.

Commenting on the partnership, Maha Mofeez, Chief Executive of Tamkeen, commented: “Financing is a key element for SME’s that comprise 93% of enterprises in the economy, and we are committed to supporting Small and Medium Enterprises with financing solutions in cooperation with local banks such as the National Bank of Bahrain.”

Usman Ahmed, Group Chief Executive Officer of NBB, remarked on the partnership: “Through this strategic partnership, we aim to accelerate the growth of the wider SME market through necessary banking solutions. We remain committed to investing in key sectors in the Kingdom with the aim of contributing to the National Economic Recovery Plan and the Kingdom’s Economic Vision 2030.”