BMI Bank, Tamkeen launch new Sharia-compliant financing scheme

BMI Bank and Tamkeen have launched a new Sharia-compliant financing scheme for enterprises within the local private sector to bolster the segment within the country.
As part of the agreement, Tamkeen will guarantee 50% of the total financing amount as well as subsidize 50% of the profit payments due from customers.
The scheme offers a range of trade finance products such as letters of credit and guarantee, Murabaha financing which covers working capital, auto and equipment financing.