Bahrain’s labour fund Tamkeen and Islamic micro-finance bank Family Bank have signed an agreement to add BD2 million ($5.3 million) to the microfinance support scheme, bringing the programme’s total portfolio value to BD 5 million ($13.2 million).

The scheme is part of the Enterprise Finance Programme that Tamkeen offers in collaboration with several partner banks in Bahrain to provide low-cost financing solutions to private sector enterprises.

The agreement is part of efforts to provide customised Sharia-compliant financing solutions to help micro enterprises, including productive families, to grow, in addition to enabling low-income Bahrainis to establish small businesses. Under the programme, Tamkeen supports 50 per cent of the loan profit. Finance amounts range between BD500 ($1,326) and BD5,000 ($13,260). Tamkeen also provides advisory services to customers to help them sustain and grow their businesses.

To date, more than 1,538 enterprises have benefited from the microfinance programme. The total value of the Enterprise Finance Programme now stands at BD368.5 million ($977.3 million).

"Tamkeen works continuously to create opportunities for all enterprises to develop and grow," said Shaikh Mohammed bin Essa Al Khalifa, Tamkeen chairman and acting CEO.

"Small and micro enterprises in particular need support and advice to expand and mature, and this is why we signed this agreement with Family Bank to enhance the microfinance programme, which proved efficient and consistent with Tamkeen's new focus on customers, quality, and the achievement of results," he said. – TradeArabia News Service