Microfinance loans to help needy in Bahrain

Microfinance loans to help needy in Bahrain

A new microfinance bank in Bahrain is set to help thousands of needy families.

The Family Bank, a joint initiative between Bahrain’s Social Development Ministry and the Grameen Bank, will offer loans of between 150 and 7,000 Bahrain Dinars (between £250 and £11,500).

“The idea is to make needy and creative Bahraini families self dependent by helping them set up their own businesses,” said Social Development Minister Dr Fatima Al Balooshi.

“The bank will help those families to improve their production and earning, which will relieve them materially and psychologically.”

Together with the microloans, the bank will offer business and self-reliance training programmes.

“It aims to rehabilitate the individuals comprehensively to enable them to start their own projects and increase earnings,” Dr Al Balooshi said.

“The main goal is to strengthen the social security network for both the individual and the community.”

The bank’s lending and saving policies have been set up to be compatible with Islamic law.

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