MLSD Minister Heads the meeting of the Board of Directors of the Family House for Microfinance
23-12-2020
His Excellency Jameel bin Mohammed Ali Humaidan, Minister of Labour and Social Development, and Chairman of the Board of Directors of the Family Microfinance House (previously the Family Bank), chaired the regular meeting of the Board of Directors today (Wednesday) via video‑conference, in the presence of in the presence of in the presence of the Deputy Chairman of the Board of Directors, Dr. Mustafa Al‑Sayed, and the Chief Executive Officer, Dr. Khalid Ateeq. At the outset, Humaidan praised the royal trust bestowed by His Majesty King Hamad bin Isa Al Khalifa, the country's great King, may God protect and preserve him, upon His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, noting the noble sentiments expressed in His Majesty’s letter to His Highness. His Excellency Humaidan also offered heartfelt congratulations to His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, on this royal trust, expressing deep appreciation for His Highness’s efforts, which continue to advance the Kingdom of Bahrain. On behalf of all members of the Family Microfinance House, Humaidan conveyed sincere thanks to the Council of Ministers for its earlier commendation of the Family House’s performance and its contribution to supporting low‑income families and small business owners, empowering them economically and helping transform productive families into investment‑project owners. During the meeting, the official opening of the new Family House branch in Budaiya was announced, coinciding with the Kingdom’s celebrations of the glorious National Day and the anniversary of the accession to the throne of His Majesty King Hamad bin Isa Al Khalifa, the country's great King, may God protect and preserve him. Humaidan applauded the executive management and employees of the Family House for their efficiency in dealing with the exceptional circumstances caused by the coronavirus (COVID‑19) pandemic and for meeting beneficiaries’ needs while mitigating its negative impacts, thereby maintaining the Family House’s social and developmental role. Humaidan called for further innovative ideas to develop the businesses of productive families and entrepreneurs, enabling them to overcome current obstacles and stimulate the local economy through projects that meet market needs. He emphasised the importance of an ambitious plan to attract diverse societal segments to benefit from Family House services, develop their capabilities, and secure facilitative benefits that enhance the economic climate and foster small and medium enterprises. It is noteworthy that the Family Bank was renamed the Family House for Micro‑finance last September, reflecting its status as a financial institution rather than a conventional bank, as it does not accept deposits from individuals or institutions. The Family House continues to operate under Islamic Sharia principles and stands as a model of the social economy through public‑private partnership. It remains committed to empowering individuals, unlocking their potential, improving living standards, and advancing the National Economic Strategy 2030.