$100m fund launched in #Bahrain to help #SMEs growth

A $100 million fund has been launched in Bahrain to invest in the country's small and medium-sized enterprises (SMEs). The initiative has been unveiled by the Islamic Corporation for the Development of the Private Sector (ICD) in partnership with Ibdar Bank and Labour Fund Tamkeen. The Bahrain SME Fund is a Shariah compliant mezzanine private equity fund which will target SMEs with high growth potential in consumer, industrial, ICT, education and healthcare sectors. Khalid Al Aboudi, CEO of the ICD, said that SME support is at the centre of ICD’s strategy as they seek to facilitate further prosperity in Islamic countries. Ahmed Al-Rayes, CIO of Ibdar Bank, added that the creation of this fund is aligned with the Bank’s mission to support Bahrain’s economic diversification through private sector growth.

ICD, Tamkeen & Ibdar launch $100million #Bahrain #SME #fund

The Islamic Corporation for the Development of the Private Sector (ICD) in partnership with Ibdar Bank and Labour Fund Tamkeen has announced the launch of the Bahrain SME fund. The Bahrain SME Fund is a Shariah compliant mezzanine private equity Fund which will invest in Bahrain’s Small and Medium Enterprises (SME’s). The Fund will target SME’s with high growth potential in consumer, industrial, ICT, education and healthcare sectors, as well as sectors experiencing dynamic change. The Fund will add immense value to Bahrain as a tool for SME growth and development where 90% of Bahrain enterprises are SMEs and their contribution accounts for about 30% of the Kingdom’s GDP.

Tamkeen and Family Bank increase microfinance programme portfolio to BD 5 million

Tamkeen and Family Bank signed an agreement to add BD2 million to the microfinance support scheme, bringing the programme’s total portfolio value to BD 5 Million. The agreement is part of Tamkeen’s and the Family Bank’s efforts to provide customised Sharia-compliant financing solutions to help micro enterprises, including productive families, to grow, in addition to enabling low-income Bahrainis to establish small businesses. Under the programme, Tamkeen supports 50% of the loan profit. Finance amounts range between BD500 and BD5,000. Tamkeen also provides advisory services to customers.

Tamkeen-BMI Bank extend key scheme

Tamkeen and BMI Bank have announced an extension of their partnership providing Sharia-compliant financing to local enterprises. This marks the fourth contribution of BD10 million by BMI Bank, expanding its portfolio to a total of BD40m whilst the total value of the scheme is BD302m. Initially launched in November 2010, the joint scheme offers small and medium enterprises (SMEs) including startups, a suite of financial products at a competitive cost. Enterprises are eligible to receive financing ranging from BD10,000 to BD500,000. All corporations with valid commercial registrations in the kingdom can apply to benefit from the scheme, which also features repayment options of up to 10 years with a grace period up to two years according to finance procedures.

Tamkeen, Family Bank launch 'Mantoojati' initiative

Tamkeen and Family Bank announced the launch of 'Mantoojati', a joint initiative aimed at enhancing the growth and sustainability of productive families in Bahrain. Through "Mantoojati", the beneficiaries will receive support to set up kiosks in selected shopping malls around the kingdom to market their products and services to a wider customer base. The support will be around BD6000 per applicant and will cover the cost of renting and setting up a booth. This will be complemented by the advisory services already provided to the beneficiaries by Tamkeen and Family Bank. According to Dr. Atef Elshabrawy, CEO of Family Bank, the programme seeks to encourage and motivate local and home-made goods and crafts, which the bank supports through funding and guidance.

Tamkeen CEO: Companies need to boost CSR expertise

Achieving sustainability is the core of corporate social responsibility (CSR) worldwide, according to Tamkeen Company CEO Asya Al-Ashaikh. The focus is on interactions between the government and private sectors to boost CSR locally and create a Saudi CSR model, she added. Al-Ashaikh explained that CSR in the Kingdom needs to be led ideally by government entities. Moreover, CSR is not about donations and philanthropy but about corporates addressing socioeconomic and environmental issues based on their core competency, according to the Tamkeen CEO.

KFH-Bahrain & Tamkeen launch SMEs Islamic finance programme

A strategic agreement aiming to provide financial means for small and medium enterprises (SMEs) was signed by Kuwait Finance House - Bahrain (KFH-Bahrain) and Tamkeen. The agreement says that companies in Bahrain will have access to low-cost Islamic financing solutions which will be provided by KFH-Bahrain. Tamkeen will be providing 50% subsidy in order to help these companies to obtain the necessary funds for their development. According to Mr. Mahmood Hashem Al-Kooheji, Chief Executive of Tamkeen, the Enterprise Financing Programme is crucial institutionalising the concept of SME lending in the country and it is also contributing to the expansion of the customer base of Tamkeen's partner banks in this programme.

Tamkeen funding boon for 4,000 enterprises

Tamkeen's finance schemes with a funding of BD136 million favoured over 4,000 small- and medium-sized enterprises (SMEs). The provided money made growth and expansion through various Sharia-compliant financing solutions possible. A variety of sectors has benefited from the funding, among which 32% wholesale and retail trade, about 21% construction sector, 13% professional services, and 8% accommodation and food services. The last six months demonstrate continuity and stability in the growth of the financial schemes.

More on: http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=338258

KFH-Bahrain Launches SMEs Finance Programme with Tamkeen up to BD 500K

KFH-Bahrain plans to launch a new financing product for small and medium enterprises (SMEs) in partnership with Tamkeen. The new product will offer unique Islamic financing solutions and a subsidy of 50%. Thus, the growth of the corresponding companies shall be supported.

More on: http://www.zawya.com/story/KFHBahrain_launches_SMEs_Finance_programme_wi...

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