Tamkeen, BisB launch BD20m portfolio

Manama : Tamkeen’s labour fund and Bahrain Islamic Bank inaugurated a BD20 million portfolio under the programme Tamweel+, to support medium and large enterprises.

The programme provides Sharia-compliant financing, with Tamkeen supporting 70 per cent of the annual profit rate capped at 8pc on reducing balance. The financing amount ranges from BD 1m to BD 2.5m. 

The programme also has several advantages, such as a long term repayment period, in addition to granting enterprises the freedom to use the financed amount for investment and development or local and international expansion, including export and diversification of products and activities related to business. 

With the signing of this agreement, the portfolio of Tamweel+, a programme launched by Tamkeen earlier this year, reaches BD 80m.

Dr. Ebrahim Mohammed Janahi, CEO of Tamkeen said, “Tamkeen works hand in hand with its partners to achieve its objectives of meeting the needs of enterprises at their various stages of growth, in order to make the private sector a primary engine of national economy. “

Hassan Jarrar, CEO of BisB, said: “Our collaboration with Tamkeen through Tamweel+ programme is part of our persistent efforts to support medium and large enterprises that represent a significant proportion of the institutions operating in the Kingdom of Bahrain.”

Tamkeen offers Tamweel+ in cooperation with a group of banks, in order to support medium and large enterprises in expanding their business and overcoming challenges by facilitating access to Sharia-compliant financing with competitive profit. 

The programme was based on a study conducted by Tamkeen regarding the needs of private sector institutions in the Kingdom, which revealed a gap in financing projects that exceed BD 1m.

Tamkeen is working to attract more banks to participate in the programme, providing affordable financing solutions to enterprises in order to support the private sector and boost the economy.