Tamkeen adds BMI Bank to new $26m scheme
Manama, July 5, 2010
Tamkeen has added BMI Bank (BMI) as another partner to its new BD10 million
($26.5 million) Finance Scheme, which will offer access to growth funds to Bahraini companies.
The financing scheme with BMI will see Tamkeen subsidising up to 50 per cent of the profits payable to the bank as loan repayment and entrepreneurs who fulfill the basic requirements will be able to benefit from loans ranging from BD10,000 to BD500,000 to design a higher growth trajectory for their company.
The BMI support programme is Sharia’h compliant and is designed to enable enterprises to access the required funds to meet their expansion plans that aims at enhancing their productivity.
The finance is offered to the enterprises at a subsidised profit rate of 4 per cent per annum on reducing balance and an option of a long repayment tenor of up to 7 years.
“BMI is the fourth bank to join Tamkeen in this vital mission – we also work closely with the Bahrain Islamic Bank, Shamil Bank of Bahrain and Bahrain Development Bank on similar financing schemes and have already allocated BD82.5 million for easily accessible development finance for the private sector,” stated Tamkeen’s VP for Enterprise and Human Capital Development, Dr Ahmed AbdulGhani Al Shaikh.
“Being a Bahraini bank, it is our responsibility to participate in and boost the local economic growth and consider the SME segment as a very crucial and increasingly important component in the country’s development and together with Tamkeen, we will now be able to make a significant difference,' added Jamal Al Hazeem, chief executive officer of BMI Bank.-TradeArabia News Service