Manama, Aug. 1: Revealed in the latest survey on loan analysts conducted by Ebdaa Bank for Microfinance, the index showed that it has granted 2415 loans for Bahraini entrepreneurs and SMEs, where its estimated value stands at 3.045.965 BD. Also, it showed that 49% of the loans were paid back, while 81% of the borrowers renewed their loans.
As per the survey conducted by Ebdaa Bank, it was revealed that 52% of borrowers are Bahraini women, while 51% of total borrowers rank under the age of 35. As per the date indicated from Ebdaa bank, it shows that the value of microloans stand at BD 200-BD 5000, while the average of one outstanding loan ranks at BD 893 over a period of 14 months.
CEO of Ebdaa Bank, Dr. Khaled Al Ghazzawi, noted that the encouraging statistic for consumers showed bank’s success in implementing prudent practices in Microfinance, that provided a list of products for low-income Bahrainis and home for emerging entrepreneurs without the complexities of guarantees.
CEO further added that these figures marked a significant success, despite all economic challenges, making Ebdaa bank more determined in achieving its objectives of expanding the middle-class Bahraini society. As part of the bank’s contribution to the development of Bahrain National Economy as per 2030 Bahrain vision, the main aim is to achieve SDGs approved by the UK implemented by the kingdom.
Explaining the loan to be used in several economic activities, he mentioned them to be used in homemade products, agriculture, industry, and services and pointed out that the bank provides guidance services to clients, to ensure the development and sustainability of their projects.
What is noteworthy over here is that Ebdaa Bank recently launched two new lending products ‘NAJAH’ and ‘TAFAWQ’, in addition to other lending products including ‘SAYIDATY’ specifically meant for women who produce and work from home. ‘EBDAA’ loan is meant to support home projects for men, ‘ALAMAL’ loan is garnered towards business, industrial or service entrepreneurs. With ‘ALTAMAYUZ’ loan catering towards projects having commercial records and the seasonal loan granted to domestic or commercial projects licensed or unlicensed to register, it is normally during holidays, especially during the holy month of Ramadan and Back-To-School season.