Enterprise Finance from Bahrain Islamic Bank and Tamkeen “Support when you really need” Bahraini Citizen Wins Best Computer Development Project

08-May-2011

Salman Ahmed Al Ghatam, a Bahraini owner of Bahrain Computer Ribbon Company, has won an award for the best computer development project as part of a competition organised by the e-Government Bahrain International Forum 2010. 

In a statement, Mr. Salman Al Ghatam said: “I am glad to win this award. My participation in this exhibition took place after obtaining finance from Bahrain Islamic Bank (BisB) and Tamkeen for the expansion of my project. I have had this project concept for a long time but was unable to provide the required finance. Now that I had obtained the finance from BisB in collaboration with Tamkeen, I was able to bring this project to life and managed to develop and succeed as it was the first of its kind in the Gulf.” 

Concluding, he said: “With the finance from BisB and Tamkeen I am very much proud to run a successful business and that is clear through the wide range of agencies from major computer companies that I do business with and the award for the best computer development project in the competition held by the e-Government Bahrain International Forum 2010..” 

In 2010 BisB signed a BD10 million co-operation agreement with Tamkeen for financing enterprises. 

The agreement provides that the Bank will provide finance for enterprises that fulfill the following conditions: 

The enterprise must have an active and valid commercial registration and all the required licenses for conducting business in the kingdom. . In addition, it should be operational for at least two years and must submit its audited financial statements. The concerned firm must also comply with the Bahrainisation requirements of the Labour Market Regulatory Authority and must ensure payment of the prescribed fees. Furthermore, it must have acceptable levels of revenues and financial ratios according to the standards of Bahrain Islamic BisB. The enterprise and entrepreneur must have a clean history and shouldn’t be listed as one of the violators by the Central Bank of Bahrain. Moreover, the entrepreneur should be less than 65 years of age upon the maturity of the required finance. This scheme does not apply to businesses engaging in real estate activities, brokerage firms, finance companies, businesses fully or partially owned by employees of BisB or Tamkeen and any establishment that carry on business activities that do not comply with Islamic Sharia’a principles. 

Enterprises wishing to apply for obtaining finance and to have further information about such finance may call the BisB contact centre on 17 51 51 51.