Standard Chartered has boosted its Islamic finance offering in Bahrain.
The bank has partnered with Tamkeen, a government body charged with boosting Bahraini trade, to offer shariah-compliant trade and working capital facilities to SMEs. Supporting transactions worth up to BD500,000 (around US$1,300), the partnership will cater for import and term finance for capital expenditure, letters of credit and guarantees. Tamkeen will guarantee 50% of the total finance provided and subsidise 50% of the profit payments due to the bank (as per the terms of a shariah-compliant facility).
Sandeep Bose, head of consumer banking at Standard Chartered Bahrain, says: “Building the SME business is a strategic priority across our core markets; it is where we can powerfully demonstrate our distinctive contribution to the broader economy – how we are here for good. The new enhancement ensures that we continuously improve our product offering to our clients. Our strategic partnership with Tamkeen has proved successful to our customers and to the country. I’d like to thank the dedicated teams from both the bank and Tamkeen in helping make this new enhancement.”