MLSD Minister Heads Family Bank meeting
01-12-2019
His Excellency the Minister of Labour and Social Development, Chairman of the Board of Directors of Family Bank, Mr Jameel bin Mohammed Ali Humaidan, chaired the regular meeting of the Bank’s Board of Directors, in the presence of the Vice‑Chairman, Dr Mustafa Al‑Sayed, and the Chief Executive Officer, Dr Khaled Ateeq. The meeting discussed ways to ensure the sustainable success of development projects and services targeting low‑income groups, women, youth and job‑seekers. The Board reviewed the Bank’s financial performance indicators and results for the previous period. Family Bank has achieved many of its strategic objectives by helping to create a legal environment for implementing best practices in microfinance lending and activating their mechanisms as effective tools to reach a wider segment of beneficiaries; facilitated financing services are provided to ensure easy and flexible access to financial services. In this context, Mr Humaidan commended the efforts and performance of the Family Bank team during the past period and the results achieved, noting the growth in the volume of customer financing. He affirmed that microfinance has become part of the overall development strategy, supporting the private sector by backing small and micro enterprises, entrepreneurs, productive family projects with limited income, senior citizens, housewives and young job‑seekers. He stressed that the Bank will continue pursuing its goals to raise customers’ living standards, create suitable job opportunities and stimulate diversified economic growth across its main business lines, with a focus on quality, higher transaction volumes and strong liquidity. Family Bank has succeeded in applying social‑economy concepts that address societal needs and provide sustainable solutions. It is the first social bank to provide Islamic microfinance, with the objective of delivering financial and non‑financial services to low‑income individuals, women, youth and job‑seekers; the Bank operates as a non‑profit social development institution.