Bahrain Association of Banks (BAB) members mull advancing SME financing in the region
A meeting chaired by Dr Waheed Al Qassim, CEO of Bahrain Association of Banks (BAB), was attended by Bahraini banks and insurance companies. The discussions further highlighted the banks' readiness in expanding financing provisions through guarantor partners like Tamkeen.
A meeting chaired by Dr. Waheed Al Qassim, CEO of Bahrain Association of Banks (BAB), where the significance of the Labour Fund—also known as Tamkeen— was discussed.
The meeting, which was also attended by
Bahraini banks and insurance companies, addressed methods to overcome hurdles associated with small businesses' application for financing from banks.
One of the banks performance indicators involves increasing the share of SME financing in a phased and gradual basis with the aim of reaching 20% of the local financing portfolio of retail banks by the end of 2025, as per Dr. Waheed.
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"SMEs make up over 95% of the number of enterprises in Bahrain," said Dr Waheed.
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The discussions from the meeting further highlighted the banks' readiness in expanding financing provisions through guarantor partners like Tamkeen or other initiatives.
This is in aligned with the banks' attempt to advance Bahrain's economic development, as per a statement on Zawya.
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Edited by Akanksha Sarma
