Tamkeen has tied up with Standard Chartered Saadiq to introduce an Enterprise Finance scheme aimed at the small and medium enterprises (SMEs) in Bahrain's market.

Through the scheme, Tamkeen will offer the bank a 50 per cent guarantee for the total financing amount as well as subsidise 50 per cent of the profit payments due from the benefiting enterprises.

The scheme offers Sharia-compliant financing enterprises incorporated in Bahrain.

'Standard Chartered Bank is proud to be associated with Tamkeen on this scheme, catering to enterprises in general with a focus on small and medium enterprises (SMEs),' said Standard Chartered global head of Islamic banking Wasim Akhtar Saifi.

'Islamic banking and SMEs are of strategic importance to Standard Chartered Group as the industry grows from strength-to-strength,' he noted.

'It furthers our strategic intent to be the best international bank in Asia, Africa and the Middle East,' he said.

'We are optimistic that Standard Chartered Saadiq will have a positive impact on Bahrain's Islamic banking sector with the launch of an array of enhanced products and services.'

'And we will remain firm on our commitment - to be here for our customers in fulfilling their evolving demands and to the government's agenda in the development of the Islamic banking and SME industry,' he added.

The Standard Chartered Bank services will provide another unique offering to the private sector by being its 10th partner bank to offer Islamic enterprise financing,' Tamkeen's chief executive Mahmood Al Kooheji said.

Yesterday's signing of a BD5 million ($13.3 million) portfolio comes as part of an overall BD164m of Islamic financing facilities which have been offered since the launch of Tamkeen's Finance Scheme.

'Providing financing to support the private sector is one of Tamkeen's main objectives, to provide beneficiaries with innovative and value-creating opportunities,' Al Kooheji added.

'SMEs are the engines of the economic growth and development within the country and with our partnership with Tamkeen, it further strengthens our commitment to continue to support the SMEs,' said Standard Chartered regional head of consumer banking for the Northern Gulf, Levant and Oman Sai Narain.

'Our decision to offer the suite of Saadiq product and services in Bahrain is a direct response to feedback from our customers that they want their banking needs met within Sharia principles,' he added.-TradeArabia News Service