A new partnership agreement with Al Baraka Islamic Bank has enabled Bahrain’s labour fund Tamkeen to add BD10 million ($26.3 million) to its allocated enterprise finance portfolio, increasing the total value to BD332.5 million.

This raises the total number of banks in Bahrain that have partnered with Tamkeen in the programme to nine, said a report in the Gulf Daily News (GDN), our sister publication.

It facilitates low-cost financing options to private sector enterprises through a number of partner banks in Bahrain.

As of December last year, it has enabled more than 5,300 enterprises in Bahrain to obtain more than BD260 million in financing, around 98 per cent of which were SMEs.

"The enterprise finance programme has been instrumental in introducing affordable small and medium enterprises (SME) financing to the local market," Tamkeen chairman and acting chief executive Shaikh Mohammed bin Essa Al Khalifa said.

"The benefits of the programme are multifold.

"On one hand, we are helping to open new doors for young enterprises to sustain and grow, and mature enterprises to diversify their operations.

"At the same time, our partner banks are able to broaden their customer base," Shaikh Mohammed added.

Al Baraka Islamic Bank joins Bahrain Development Bank, Bahrain Islamic Bank, BMI Bank, Al Salam Bank, Kuwait Finance House, Khaleeji Commercial Bank, and Standard Chartered as Tamkeen partners.

"We trust that this step will enhance the bank's role in the economic development of Bahrain since the SME sector is a key driver of business activities," Al Baraka Islamic Bank board member and chief executive Mohamed Al Mutaweh said.

"We are also pleased that all our products, including our financing and investment products, are now available to SMEs and businessmen." - TradeArabia News Service