MLSD Minister: More than 14 Million Dinars, the Amount of Funding for Supporting Projects of Individuals and Families
14-01-2021
His Excellency the Minister of Labour and Social Development, Chairman of the Board of Directors of the Family Microfinance House (FMH), Mr. Jameel bin Mohammed Ali Humaidan, inaugurated the new Family House branch in Budaiya on Thursday, in the presence of board members and CEOs of banks and institutions that contribute to the Family House. The branch will serve families and entrepreneurs in Budaiya and neighbouring areas, improving income levels for hundreds of low‑income individuals and families, senior citizens, housewives and jobseekers by financing their ideas and projects, offering tailored advice, assisting them in developing their activities, providing marketing plans and training them in foundational business‑management skills. Humaidan affirmed that the Family House has achieved remarkable development in Bahrain’s microfinance sector over the past decade, providing both financial and non-financial services, and increasing the number of beneficiary families and small projects to 6,300 in 2020, up from 344 in 2012; total financing has surpassed BD 14 million. Future plans will continue to support families and raise living standards through additional financing in conformity with the principles of Islamic jurisdiction (Shariah). He highlighted the institution’s positive contribution to job creation and the national economy, noting that productive families and entrepreneurs funded by the Family House have generated projects that meet local consumer needs and have produced success stories worthy of emulation. Launched under the patronage of His Majesty King Hamad bin Isa Al Khalifa, the great King of the country, may God protect and preserve him, in January 2010, the Family House is the first Islamic Sharia‑compliant social micro‑finance bank in the Arab region. It was licensed by the Central Bank of Bahrain under Resolution 53 of 2009 as an Islamic finance bank (Bahrain Shareholding Company (B.S.C Closed)) with an authorised capital of BD 15 million and a paid-up capital of BD 5 million. Founding partners include the Ministry of Labour and Social Development, the Royal Humanitarian Foundation, the Bank of Bahrain and Kuwait, Ithmaar Bank, Ahli United Bank, and Kuwait Finance House, established in cooperation with the Grameen Foundation under a 2007 working document between the Ministry and the Foundation.