Tamkeen: 22nd September , 2012: Tamkeen announced that more than 4,000 Small and Medium-sized Enterprises have benefitted from its Finance Schemes to date, with a total funding of BD 136 million out of a total funds of BD 189.5 million which are available through various partner banks. These schemes have enabled Bahraini enterprises, especially small and medium enterprises, to acquire the capital they need for growth and expansion through various Shariah compliant financing solutions.
By the end of June, around 4,200 enterprises, mostly SMEs, benefited from the schemes which included more than 1,000 startups and more than 700 micro enterprises. The beneficiaries represent a broad cross-section of sectors and industries within the Kingdom which includes: wholesale and retail trade with 32%, the construction sector at around 21%, professional services at 13%, and accommodation and food services at 8%.
The finance schemes have seen steady growth over the past six-months, with the number of beneficiaries increasing significantly per month. From the beginning of the year until June, the total number of beneficiaries has increased by approximately 25%.
Tamkeen offers these finance schemes in cooperation with 9 local banks, which include: Bahrain Development Bank, Bahrain Islamic Bank, BMI Bank, Al Salam Bank, Kuwait Finance House, Khaleeji Commercial Bank, Standard Chartered Bank, and for Micro Financing, Family Bank and Ebdaa bank. The agreement with the banks aims to bridge the finance gap for many institutions that require the necessary funding for various operational activities.
Tamkeen's Chief Executive Mr. Mahmood Hashem Al-Kooheji commenting on this milestone said "We are very delighted to see such a great response by energetic Bahraini entrepreneurs that seek to evolve their businesses towards a path of prosperity and sustainability. This milestone of more than 4,000 beneficiaries is proof of catering to the needs of the private sector to ensure overall economic revitalization and development."
Mr. Abdulla Al Hamar, owner of Auto Spa Cars Centre, was among the beneficiaries of one of Tamkeen's Finance Schemes. Mr. Al Hamar explained the challenges encountered during the process of setting up his business, and how Tamkeen's support helped him overcome these challenges and develop the growth of his business as the ultimate destination for cars care solutions.
Mr. Al Hamar also added, "Turning my business idea to a successful business was not an easy process, but thanks to the support provided by Tamkeen, many of the hurdles we faced were lessened. Tamkeen is making enormous efforts to support the private sector, focusing on small and medium enterprises. Therefore, I would advise Bahrainis who are serious about improving their businesses to benefit from the wide variety of programmes provided by Tamkeen."
Ms. Seema Al Saati, owner of a cleaning services office under the name "Bubbles for cleaning", received financial support through Her Royal Highness Princess Sabeeka bint Ibrahim Al Khalifa Micro Finance Scheme in cooperation with the Supreme Council for Women which is managed by Ebdaa bank in cooperation with Tamkeen.
She commented: "I thank Tamkeen for supporting my project financially and morally through Her Royal Highness Princess Sabeeka Bint Ibrahim Al Khalifa Micro Finance Scheme which has empowered women economically and facilitated entrance into the job market. They were constantly following my steps, consulting me and advising me which has opened doors for me to look to the future to be bright and visionary".
Entrepreneurs who have the following documentation available and wishing to benefit from these programmes can visit Tamkeen official website www.tamkeen.bh to see the various financing programmes available
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About Tamkeen
Tamkeen was established in August 2006 as part of Bahrain's national reform initiatives and Bahrain Economic Vision 2030, and is tasked with developing Bahrain's private sector and positioning it as the key driver of economic development.
Tamkeen's two primary objectives are: Fostering the creation and development of enterprises, and providing support to enhance the productivity and growth of enterprises and individuals.
Under each of those objectives, a number of mechanisms and programmes have been identified based on detailed studies of the labour market to identify current and future gaps for individuals and enterprises and how to address them.
As of December 2011, Tamkeen has injected more than BD 166 million into the private sector through its programmes, targeting over 100,000 Bahrainis and enterprises.
Moreover, it has made in excess of BD 166 million available through its financing portfolio, and enabled over 3,000 Bahrainis find employment, and more than 1,000 enterprises to participate in leading local, regional, and international trade fairs and exhibitions.
In 2012, Tamkeen plans on launching more than 20 new initiatives. These programmes range from training aimed at developing human capital - whether students, employees, employers, or job seekers - to match acquired skills to market requirements, and other programmes which enhance the productivity of individuals through promoting awareness of successful practices in the private sector. For enterprises, Tamkeen provides professional consulting services to raise their performance, and facilitates access to financing to bridge the enterprise financing gap. In addition, Tamkeen is also leading other national initiatives which enhance investments in Bahrain.
Tamkeen's funds come from 50% of the fees collected from the Labour Market Regulatory Authority.
For more information about our programmes, please call:
Marketing Communication department
Tamkeen
Telephone: 17383326 / 17383327
Fax: 17382352
e-Mail: support@tamkeen.bh
Website : www.tamkeen.bh
http://www.facebook.com/TamkeenBahrain
http://twitter.com/TamkeenBahrain
http://www.youtube.com/TamkeenBahrain
© Press Release 2012
