It has been reported that the leading Middle Eastern company Tamkeen and Bahraini Saudi Bank sign a Shariah-compliant financing facility agreement to fund private sector projects.
A Shariah-compliant agreement was signed today between Tamkeen and the Bahraini Saudi Bank (BSB) by which the Bank will provide Shariah-compliant financing facilities aiming to fund, finance, and support private sector businesses.
The agreement was signed by Dr. Ahmed AbdulHameed Al-Shaikh, Tamkeen's VP for Enterprise and Human Capital Development and Dr. Anwar Khalifa Al-Sada, BSB's Chairman of BSB. BSB is a subsidiary of Al-Salam Bahrain Bank.
Dr. Ahmed Al-Shaikh made a statement pointing out that this project comes within the scope of Tamkeen's objectives to develop and support the national economy on the private sector front and make it the real stimulator of economy in the Kingdom. This is an unmatched opportunity to provide financing on concessional terms in full compliance with the Shariah laws and principles.
The initiative is inspired by Tamkeen's objectives to facilitate enterprise growth to develop businesses in collaboration with financing bodies of the Kingdom of Bahrain which already have Shariah-certified funding system.
Dr. Al-Sada also commented that providing support and funding to private sector enterprises has the effect of enabling those enterprises to increase their success factor and increase growth opportunities and sustainability.
He went on to further comment that the Bank is keen through this agreement to boost all initiatives supporting private businesses consequently leading to economic development and prosperity for the Kingdom of Bahrain.
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