Bahrain - The National Bank of Bahrain (NBB) has signed a partnership agreement with the Labour Fund (Tamkeen) to deliver Sharia-compliant subsidised financing to enable enterprises to achieve their growth and expansion plans.

This agreement is part of the financing support programme offered by Tamkeen, which aims to provide Sharia-compliant financial solutions in the form of subsidising part of the financing profit to enable enterprises to grow and develop.

Recognising their pivotal role in boosting the national economy, NBB will be supporting the development of small and medium-sized enterprises (SMEs) through a comprehensive financing scheme.

Customers will be able to submit their financing applications through the bank, which will be evaluated according to the criteria set by the bank.

Applicants that are approved will receive subsidised interest rates from Tamkeen, coupled with the working capital needed to fuel the growth of their businesses.

Tamkeen chief executive Maha Mofeez said: “Financing is a key element for SMEs that comprise 93 per cent of enterprises in the economy, and we are committed to supporting small and medium enterprises with financing solutions in co-operation with local banks such as the National Bank of Bahrain.”

She added, “This agreement reflects Tamkeen’s ongoing commitment to support enterprises that enable private sector growth which will positively impact the national economy and generate jobs for local talent.”

NBB Group chief executive Usman Ahmed remarked: “We are proud to be collaborating with Tamkeen to extend our support to this vital sector. Through this strategic partnership, we aim to accelerate the growth of the wider SME market through necessary banking solutions.

“We remain committed to investing in key sectors in the kingdom with the aim of contributing to the National Economic Recovery Plan and the kingdom’s Economic Vision 2030.”

Mr Ahmed further said, “Our focus is on providing tailored financial products that meet the unique needs of SMEs, ensuring they have access to the capital required for their growth.

“Additionally, we are dedicated to fostering innovation and sustainability within the banking sector, aligning our efforts with the broader economic goals of the kingdom. By working closely with Tamkeen, we are confident that we can help in creating a robust support system for SMEs, driving economic diversification and job creation.”

NBB continues to partner with prominent government and private sector entities in line with its ongoing ESG goals.

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