Standard Chartered Saadiq and Tamkeen introduce Enterprise Financing Scheme to further support the SME industry
Standard Chartered Saadiq enhances its Products and Services
Monday, 28th November 2011 Bahrain: - Standard Chartered Saadiq and Tamkeen introduces the Enterprise Finance Scheme for Standard Chartered customers in Bahrain's market. Through the Enterprise Finance scheme, Tamkeen will offer the bank a 50% guarantee for the total financing amount as well as subsidise 50% of the profit payments due from the benefitting enterprises. The scheme offers Sharia Compliant financing enterprises incorporated in Bahrain.
Standard Chartered Bank has enhanced its Islamic banking offering for customers who want high quality Shariah-compliant banking products and services. Saadiq, which means 'truthful', is a fitting testament to the range of first-to- market innovative products and services that the Islamic Banking team will continue to offer across the Standard Chartered network.
The emphasis of Standard Chartered Saadiq in Bahrain plays a key role in the Group's strategy to become a key contributor in the rapidly growing Islamic Finance sector.
Wasim Akhtar Saifi, Global Head Islamic Banking, Consumer Banking, Standard Chartered Bank, said
"Standard Chartered Bank is proud to be associated with Tamkeen on the Enterprise Finance Scheme, catered to the Enterprises in general with a focus on Small and Medium Enterprises (SMEs). Islamic banking and SME banking are of strategic importance to Standard Chartered Group as the industry grows from strength-to-strength. It furthers our strategic intent to be the best international bank in Asia, Africa and the Middle East."
"We are optimistic that Standard Chartered Saadiq will have a positive impact on Bahrain's Islamic banking sector with the launch of an array of enhanced products and services. And we will remain firm on our commitment - to be here for our customers in fulfilling their evolving demands and to the Government's agenda in the development of the Islamic banking and SME industry."
Tamkeen's Chief Executive Mr. Mahmood Hashem Al Kooheji expressed his happiness that Standard Chartered Bank services will provide another unique offering to the private sector by being our 10th partner bank to offer Islamic enterprise financing. Today's signing of a BD 5 million portfolios comes as part of an overall BD 164 million of Islamic financing facilities which have been offered since the launch of Tamkeen's Finance Scheme.
Mr. Al Kooheji also added, "Providing financing to support the private sector is one of Tamkeen's main objectives, to provide beneficiaries with innovative and value-creating opportunities.
As part of the agreement, Tamkeen will guarantee 50% of the total financing amount as well as subsidise 50% of the profit payments due from customers. Beneficiaries of Standard Chartered Bank will be eligible to receive financing up to BD 50,000. This scheme offers Murabaha financing which covers working capital, machinery and equipment financing at a subsidised profit rate of 4% per annum on reducing balance with an option of a repayment tenor of up to 3 years.
As an international bank leading the way in Asia, Africa and the Middle East, Standard Chartered has an established presence in majority of the Muslim world. This provides the Bank with the unique opportunity to understand structure and deliver Islamic solutions for its customers, without compromising their beliefs.
The enhanced products and services of Standard Chartered Saadiq are expected to boost the competitiveness of banking and raise the level of product innovation and delivery to customers.
Sai Narain CDK, Regional Head Consumer Banking Northern Gulf, Levant and Oman, Standard Chartered Bank Bahrain said "SMEs are the engines of the economic growth and development within the country and with our partnership with Tamkeen, it further strengthens our commitment to continue to support the SMEs."
"Our decision to offer the suite of Saadiq product and services in Bahrain is a direct response to feedback from our customers that they want their banking needs met within Shariah principles. The Saadiq brand is a clear demonstration of our 'Here for Good' commitment by responding to the evolving needs of our Islamic Banking customers and providing them with convenient, effective and rewarding Shari'ah compliant banking solutions."
Standard Chartered Saadiq continues to offer Current & Savings accounts, Term Deposits, Personal Finance, Auto Finance, Takaful, Home Financing and SME Trade & Finance facilities. Customers can avail Islamic banking products and services from our branches with the expertise of our dedicated and trained relationship managers.
All Islamic products offered by Standard Chartered in Bahrain are approved by an independent Shariah Supervisory Committee composed of respected and qualified scholars of international repute, including Dr. Abdul Sattar Abu Guddah, Sheikh Nizam Yaqubi and Dr. Mohammed Ali Elgari.
For further information on Standard Chartered Saadiq, please contact the nearest Standard Chartered Branch or call 17 531 532.
For further information, please contact:
Nimmi Kamal
Head Corporate Affairs Bahrain, Standard Chartered Bank
Tel: +973 3977 0760
E-mail: Nimmi.Kamal@sc.com
Standard Chartered - leading the way in Asia, Africa and the Middle East
Standard Chartered PLC is a leading international bank, listed on the London, Hong Kong and Mumbai stock exchanges. It has operated for over 150 years in some of the world's most dynamic markets and earns around 90 per cent of its income and profits in Asia, Africa and the Middle East. This geographic focus and commitment to developing deep relationships with clients and customers has driven the Bank's growth in recent years.
With 1,700 offices in 70 markets, Standard Chartered offers exciting and challenging international career opportunities for more than 80,000 staff. It is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity. The Bank's heritage and values are expressed in its brand promise, 'Here for good'.
For more information on Standard Chartered, please visit: www.standardchartered.com
About Tamkeen
Tamkeen is a semi-autonomous yet independent authority which formulates strategic and operational plans to use the fees collected by the LMRA in order to enhance the overall prosperity of Bahrain by investing in Bahraini employability, job creation, and social support.
Tamkeen's main objectives are to support Bahrainis to become the employees of choice, and to support high quality private sector job creation and helping the private sector cope with the impact of labour market reform.
To achieve these objectives, Tamkeen will invest in the cost and quality competitiveness of Bahrainis (e.g., reduction of cost of employing Bahrainis relative to expatriates, investment in skill and attitude improvement programmes of Bahrainis) and tackle employment barriers on both employer and new market entrants sides through a combination of financial incentives and capability building; and in supporting the private sector's adjustment to new cost structures by providing access to capital to alleviate short-term cash constraints or improve productivity, and in know-how initiatives that support improvements in productivity and decreased reliance on expatriate labour through spreading management and technical knowledge.
Tamkeen has invested more than BD 140 million in more than 70 projects that targeted more than 50,000 Bahraini nationals and organisations.
The development of programmes is continuing as Tamkeen's strategy to increase the number of beneficiaries on an ongoing basis, which reflects the kingdom's economic development in general.
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
Facebook: http://www.facebook.com/TamkeenBahrain
Twitter:http://twitter.com/TamkeenBahrain
Youtube: http://www.youtube.com/TamkeenBahrain