MLSD Minister heads the meeting of the Board of Directors of the Family Bank

04-07-2020

Humaidan, Chairman of the Board of Directors of the Family Bank and Minister of Labour and Social Development, chaired the Bank’s second board meeting for 2020, held via video conference with the participation of Vice‑Chairman Mustafa Al Sayed, Chief Executive Officer Dr Khaled Ateeq and the other board members. The meeting reviewed the Bank’s latest legal and financial actions, foremost among them the six‑month postponement of loan repayments for citizens announced recently to mitigate the repercussions of the exceptional circumstances arising from the national precautionary measures to limit the spread of COVID‑19. The deferment covers all productive families registered with the Ministry of Labour and Social Development, as well as individual beneficiaries of the Family Bank’s loans and facilities, in alignment with the Royal Directives and the Central Bank of Bahrain’s circular on this matter. Humaidan commended the distinguished efforts of the Family Bank’s executive management and staff, praising their efficiency in addressing the current exceptional circumstances and their ability to meet beneficiaries’ needs while limiting negative repercussions, thereby reinforcing the Bank’s social and developmental role. He directed the team to devise further initiatives that expand the businesses of productive families and entrepreneurs, enabling them to overcome present challenges and invigorate the local economy through projects that satisfy consumer‑market demand. He underscored the importance of launching an ambitious outreach plan to attract diverse community segments, encouraging them to access the Bank’s tailored services and the accompanying facilitative advantages that improve economic conditions and advance small and medium enterprises across the Kingdom. The Family Bank, established as an Islamic microfinance institution, aligns with national objectives to empower individuals, unlock potential and elevate living standards. It directly supports the National Economic Strategy 2030, which prioritises the development and empowerment of citizens receiving social assistance and facilitates entrepreneurship. In doing so, the Bank complements the comprehensive suite of services offered by the Government of Bahrain and by other organisations dedicated to fostering the growth of small and medium enterprises.