Following BD10 Million Agreement Signed with Tamkeen BisB Set to Finance Small, Medium and Large Size Enterprises

19-April-2010

Bahrain Islamic Bank has announced that it is set to accept applications for financing companies and businesses interested in financing small, medium and large size projects within the framework of the BD10 million Co-operation Agreement signed between BisB and Tamkeen. 

In a statement, Mr. Abdul Rahman Turki, BisB Retail Banking Services General Manager said: “This is the first step of our co-operation with Tamkeen that would enable us to assist various businesses grow, develop and provide the most comprehensive banking systems.”

Turki added: “This scheme will be favourable to all the businesses that fulfil the required conditions. Any enterprises apply for such facility must have a valid commercial registration, and the necessary licences for carrying on their business activities. Such commercial registration must be active and the business must be existing and operating in the Kingdom of Bahrain for at least two years. Any firm applying for finance must submit its audited financial statements. Both the business and its owners must have a good credit rating and must not be listed among the violators with the Central Bank of Bahrain. In addition, an interested business must also comply with the LMRA Bahrainisation requirements and ensure paying the prescribed LMRA fees. In addition, an applicant for finance must have financial and revenue ratings that are acceptable to BisB. The business owner’s age must be less than 65 years upon the finance’s due date. All real estate, brokerage, finance companies and firms as well as the businesses wholly or partially owned by BisB or Tamkeen employees will be excluded. Any business firm that does not comply with the principles of Islamic Sharia’a will be ignored.” 

Concluding, Mr. Turki said: “We invite all owners of small, medium and large size enterprises who wish to get finance for their projects to visit any of our 13 branches to receive application forms for this purpose and we wish them all the best in their business.” 

Meanwhile, Mr. Mohamed Buchiri, Tamkeen’s Private Sector Support Senior Manager said: “This step comes as part of a programme designed to support small and medium size enterprises in the Kingdom by providing soft term finance that would enable such firms grow and prosper. On its part, Tamkeen will support such enterprises by meeting 50% of the profits for such finance to enable SMEs to get the financial resources necessary for their operations at competitive rates. This programme will help SMEs in Bahrain to develop and grow in a strong way.” 

Buchiri added the soft term finance scheme has been used since November 2009 for the benefit of more than 1,500 private sector firms by providing around BD50 million through financial institutions. Partnership with BisB will contribute to broadening and strengthening the scope of this programme. 

Bahrain Islamic Bank started for last week to receive applications from companies and firms wishing to finance small, medium and large size projects to enable such businesses develop and expand their operations which are often managed by well-qualified and experienced Bahraini executives. 

Any firms wishing to obtain application forms and to get more details about this kind of finance may contact the BisB Call Centre on Tel: 17515151 or visit the Bank’s website at www.bisb.com.