Tamkeen and Bahrain Development BankBahrain Development Bank signed an agreement to increase the value of the finance scheme portfolio providing financing facilities to private sector enterprises at BD 2 million targeted at emerging enterprises.
The agreement was signed by the Vice President of Enterprise & Human Capital Development, Dr. Ahmed Abdul Ghani Al Shaikh and CEO of Bahrain Development BankBahrain Development Bank, Mr. Nidhal Saleh Al Aujan.
The finance scheme supported around 2,353 emerging and existing enterprise from various sectors at a total value of more than BD66 million since May 2008. The financing support dedicated to emerging enterprises amounted to BD13 million of the portfolio's total value, which contributed to establishing 726 new emerging enterprises.
Dr. Al Shaikh also highlighted that "increasing the finance portfolio value under the agreement "provision of Islamic finance facilities to private sector enterprises" is proof of the large and growing demand for the support provided by such an integrated scheme. He also indicated that this agreement between Tamkeen and Bahrain Development Bank".
"These financed enterprises have realised an added value for the national economy at BD 20 million until 2009 and created more job opportunities that exceeded 3,226 jobs. The enterprises financed by Tamkeen"
Bahrain Development Bank have introduced about BD 1 million of foreign currency and contributed as well to increasing the Kingdom's exports through their products, which amounted to about BD1.6 million.
"These financed enterprises have realised an added value for the national economy at BD 20 million until 2009 and created more job opportunities that exceeded 3,226 jobs. The enterprises financed by Tamkeen"
Bahrain Development Bank have introduced about BD 1 million of foreign currency and contributed as well to increasing the Kingdom's exports through their products, which amounted to about BD1.6 million.
On his part, Mr. Nidhal Saleh Al Aujan, the CEO of Bahrain Development Bank said "The importance of supporting emerging enterprises are highly capable of creating job opportunities as the cost to create jobs in small enterprises is substantially low and the employability of workers is high. In addition, small and medium-sized enterprises are capable of geographical outreach, which contributes to promoting positive principles represented in the concepts of time management, quality, productivity, efficiency, effectiveness, initiative and innovation".
Under the agreement, the finance facilities will be provided according to the needs and objectives of beneficiaries within the limits of a total amount not exceeding 72 million BHD. The agreement states that the other BD 2 million added to the portfolio shall be dedicated to emerging enterprises.
Article from Global Islamic Finance Magazine
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