Ebdaa Bank for Microfinance has launched two new products “Al Najah” and “Altafawq”, offering more financial unguaranteed loans for Bahraini low-incomers.

 

The aim of the loans is to encourage low-incomers to venture their business to make the lives of the bank’s customers better and improve the society, said a statement from the bank.

 

The Al Najah loan was designed for home entrepreneurs to develop their projects into licensed businesses. This provides various amounts of financing to meet the needs of different clients starting from BD600 to BD1,400 ($1.75 billion to $3.67 billion) paid within 18 months.

 

“Tamaiuz” loan is more flexible in terms of repayment. It is targeting licensed commercial enterprises of both men and women. It is granted to roving entrepreneurs like delivery buses or taxis. It enables customers to repay their loan within 24 months.

 

"We are branding Ebdaa Bank as an integral part of the lives of our customers. By launching Alnajah and Altafawq loans we are expanding our borrowers list which currently has 2,500," remarked CEO Dr Khalid Al Ghazawi. 

 

"The amount of loans are between BD200 to BD5,000, while the average single loan outstanding amount is BD89," he stated. 

 

With these two loans, Al Ebdaa Bank raises the number of loans it provides to seven, namely, “Sayidati” loan for housewives homemade projects, “Ebaa” loan to support men's home projects, “Al Amal” loan for commercial industrial or service entrepreneurs, “Tamaiuz” loan for CR projects and “Al Mawsimi” loan that is granted for domestic or commercial projects licensed by a commercial or non-licensed register, during holidays, Ramadan and Back-to-schools season.

 

"We want to assure our objectives of contributing to the national economy development as per the Bahrain National Economy Vision 2030 through expanding the middle class in the kingdom, improving life standards of the targeted group by investing in micro enterprises and promoting entrepreneurial spirit and a culture of self-reliance," said Dr Al Ghazawi. 

 

"We at Ebdaa Bank are part of the economic system in Bahrain. We must keep pace with the development of this system and be pioneers in our business of providing unguaranteed microcredit to support economic growth," he added.-TradeArabia News Service