Tamkeen has signed an agreement with Family Bank to increase the portfolio of the micro-finance support scheme that provides SMEs and micro businesses with Sharia-compliant financing solutions to enable them to grow.

Tamkeen will pump an additional BD1 million ($2.63 million) into the micro-finance support portfolio as the second phase of this scheme is approaching.

This will bring the total value of the portfolio to BD2 million.

Around 1,000 enterprises are expected to benefit by the end of the second phase of this scheme.

To date, 653 enterprises have benefited from this support with a total support value of BD1 million.

The micro-finance support scheme is part of Tamkeen's initiatives to support and develop the private sector and make it the engine of economic growth.

The scheme basically targets existing small enterprises - including family businesses - and low-income individuals, enabling them to start small businesses.

Tamkeen subsidies 50 per cent of the profit cost charged for financing ranging from BD500 and BD7,000. In addition to financial support, the Family Bank offers advisory services to beneficiaries to enable them to correctly manage their businesses.

"The success of this programme encouraged us to renew our co-operation with the Family Bank as part of our commitment to providing affordable and comprehensive financing solution to Bahraini enterprises to enable them to obtain the needed capital for expansion, development, and contribution to the national economy," said Tamkeen enterprise and human capital development vice-president Dr Ahmed Abdulghani Al Shaikh. – TradeArabia News Service