Bahrain Islamic Bank (BIB) and BMI have gone into partnership with Tamkeen in an initiative to promote the ICT uptakes by the private sector in Bahrain to transform their businesses and increase their productivity.
Information and communications technology spending in the GCC is low in comparison to the world's largest industrialized countries and is vital for business to grow in a digitized 21st century world.
The joint venture is targeting 50 local firms with its ICT initiatives. Mohamed Amin, Tamkeen's private sector support manager, said: "ICT applications improve information and knowledge management inside the firm and can reduce transaction costs and increase the speed and reliability of transactions for both business-to-business (B2B) and business-to-consumer (B2C) transactions.
"In addition, they are effective tools for improving external communications and quality of services for established and new customers."
The SME sector in Bahrain has found it difficult to upgrade its technology and communications facilities to compete in a globalized marketplace due to the lack
of financing options and limited or non-existent budgets for ICT.
To help address the need for local ICT investment, the JV has established a program to help bridge the financial gap by providing financing at a 0% profit rate and up to 25% discount on the principal amount.
© The Islamic Globe 2011
