Bahrain SME fund, a Shariah-compliant mezzanine private equity Fund, has been launched by The Islamic Corporation for the Development of the Private Sector (ICD), in partnership with Ibdar Bank, and Labor Fund Tamkeen.
The Bahrain SME Fund will fund Bahrain’s Small and Medium Enterprises (SMEs). The Fund will help SMEs grow in potential consumers industrial, ICT, education and healthcare sectors, and also sectors going through dynamic change or where there are clearly attractive investment opportunities. Dr. Ebrahim Janahi, chief executive of Tamkeen, said: “Tamkeen continuously works on providing support solution to private sector enterprises throughout their developmental stages in order to make the private sector the key engine of the economic development in the Kingdom of Bahrain. We are pleased about this partnership with The Islamic Corporation for the Development of the Private Sector (ICD) and Ibdar Bank. Through this partnership we aim to provide further support to enterprises in the kingdom to achieve their highest potentials.”
The fund will be a very helpful tool for SME growth and development where 90% of Bahrain enterprises are SMEs and their contribution accounts for about 30% of the Kingdom’s GDP.
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