The National Bank of Bahrain (NBB) has entered into a strategic partnership with the Labour Fund (Tamkeen) to offer Sharia-compliant subsidised financing, aimed at supporting the growth and expansion of small and medium-sized enterprises (SMEs) across Bahrain.
This collaboration is part of Tamkeen’s broader financing support initiative, which seeks to empower enterprises by subsidising a portion of the financing profit, providing them with the necessary capital to pursue development and expansion. With SMEs making up 93% of the Bahraini economy, this initiative underscores the critical role these businesses play in driving national economic growth.
NBB’s Group CEO, Usman Ahmed, emphasized the significance of this partnership, stating, “We are proud to collaborate with Tamkeen in supporting this vital sector. Through our strategic partnership, we aim to accelerate the growth of SMEs by providing tailored financial solutions that meet their unique needs.” Ahmed also highlighted NBB’s commitment to contributing to Bahrain’s National Economic Recovery Plan and the kingdom’s Economic Vision 2030 by investing in key sectors.
Tamkeen’s Chief Executive, Maha Mofeez, echoed this sentiment, noting that financing is a crucial element for SMEs and that Tamkeen remains committed to offering support through collaborations with local banks like NBB. “This agreement reflects our ongoing dedication to fostering private sector growth, which will positively impact the national economy and create job opportunities for local talent,” she said.
Through this partnership, businesses will have the opportunity to apply for financing directly through NBB, where applications will be evaluated based on the bank’s criteria. Approved applicants will benefit from subsidised interest rates provided by Tamkeen, alongside the working capital necessary to fuel their business growth.
This initiative is part of NBB’s continuous efforts to align with its environmental, social, and governance (ESG) goals, as it partners with prominent government and private sector entities to foster innovation, sustainability, and economic diversification in Bahrain.
