The agreement was signed by Tamkeen’s Vice President of Enterprise and Human Capital Development, Dr. Ahmed Abdul Ghani Al Shaikh and Sattam Al-Gossaibi, Executive Manager at KFH-B.
“KFH-Bahrain is committed to participating in the growth of the Bahraini economy by supporting local private businesses and providing suitable finance solutions,” Sattam Al-Gosaibi, said.
“We firmly believe that for an economy to move from strength to strength there should be a healthy and productive partnership between the private and public sectors in order for SMEs to expand and for a diversified economy to have healthy and solid pillars,” he added.
“Our cooperation with Tamkeen, will address the financial needs of many private businesses in Bahrain and help them to overcome possible barriers to growth”, he said.
Dr. Ahmed Al-Shaikh said that the agreement comes within the scope of Tamkeen’s objectives to develop and support the national economy with the private sector and make it the real stimulator of economy in the Kingdom.
“This agreement offers an opportunity to provide financing on concessional terms in full compliance with the Sharia’a principles.”
Dr. Al-Shaikh added that the enterprise finance scheme supported more than 2,788 emerging and existing enterprises from various sectors at a total value of more than BD95 million. The initiative is inspired by Tamkeen’s objectives to facilitate enterprise growth to develop businesses in collaboration with financing bodies of the Kingdom of Bahrain which already have Shari’a-certified funding system.
Dr. Al-Shaikh pointed out that any small or medium enterprise can benefit from Tamkeen’s finance scheme, providing they meet the requirements of both Tamkeen and the financing institute, including the required level of Bahrainisation.
Dr. Al-Shaikh also emphasized on the attractive and low finance rates which encourage projects owners to start their businesses and contribute to the national economy of the Kingdom.