Kuwait Finance House - Bahrain (KFH-Bahrain) has launched a new financing product for small and medium enterprises (SMEs) in partnership with Bahrain labour fund Tamkeen.

It offers Islamic financing solutions with 50 per cent subsidy on costs to support the growth of these companies in Bahrain, said a top official.

"We are pleased to launch this new financing product especially tailored for SMEs and we have signed an agreement with Tamkeen to support this product," remarked KFH-Bahrain executive manager and head of corporate finance Sattam Algosaibi.

"The bank is committed to supporting the growth of Bahrain's economy and the business sector by providing suitable financing solutions," he noted.

"Businesses can benefit from KFH-Bahrain's SMEs financing product which allow financing of up to BD500,000 ($1.3 million) with 50 per cent subsidy on many financing products such as Murabaha financing which covers working capital, trade finance, car and equipment financing, in addition to the Ijara financing which covers equipment financing and project finance.

"KFH-Bahrain has partnered with Tamkeen to support the private sector enterprises in Bahrain and Tamkeen is dedicated to supporting Bahraini businesses and has introduced many initiatives with the aim of creating a strong foundation of local SMEs that will further spur future economic growth," he added.

This initiative is part of the bank's aim to deliver to SMEs the same level of service and financing strength that its largest clients receive.-TradeArabia News Service