Tamkeen launched “Tamweel Plus (Tamweel+)” financing scheme, with a cumulative portfolio of BHD 20 million in partnership with Al Baraka Islamic Bank.
The program, which offers financing at a competitive profit rate, aims to support medium-sized and large enterprises to help them innovate, expand and diversify.
Tamkeen launched “Tamweel+” conducting a study regarding the needs of the private sector in the Kingdom of Bahrain. According to the study, a financing gap in projects exceeding BHD 1 million discourages enterprises from investing and expanding. This required a sharia-compliant financing solution to aid medium-sized and large enterprises and serve the national economy.
Tamkeen subsidizes 70 percent of the annual rate of profit, which is capped at 8 percent on the reducing balance. It offers financing within the range of BHD 1 million to a maximum of BHD 2.5 million, with a repayment period of up to 10 years. Enterprises may use the financing for investment, expansion or business diversification.
Tamkeen Chief Executive, Dr. Ebrahim Mohammed Janahi said: “The scheme provides medium-sized and large enterprises with a real opportunity to flourish, expand, and globalize, which helps advance Bahrain’s economy and create high-paying jobs with added value. Tamkeen continues to diversify types of support for Bahraini enterprises and employees, helping them grow and progress.”
According to Mr. Mohamed Isa Al Mutaweh Chief Executive Officer & Board Member of Albaraka Islamic Bank "The bank is extremely proud of its success in developing a strategic partnership with Tamkeen in providing funds and various facilities for medium and large enterprises, and our main objective today in supporting “Tamweel+” is another proof of the growth and expansion of the partnership to a new level, and it reflects our keenness in AlBaraka Islamic Bank to promote our social responsibilities towards this sector and the society as a whole, and our full support to economic development initiatives in our kingdom.”