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the Islamic bank Al Baraka Bank grants a loan of $13.2 million to Enda Tamweel

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(Ecofin Agency) – Committed to supporting micro-entrepreneurs, despite the difficult context linked to the health crisis, Al Baraka Bank Tunisia will support projects carried out by small businesses, via financing granted to Enda Tamweel.

The Tunisian Islamic bank, Al Baraka Bank, signed on Thursday, May 26, a financing agreement worth 40 million dinars ($13.2 million) with Enda Tamweel, Tunisia’s leading microfinance institution in terms of loans , customers and branch network.

The partnership is in the form of a Moudharba financing agreement (a contract under which one of the parties provides capital and the other uses it in a commercial activity and shares the profits), intended for the activities of micro- contractors.

“This new collaboration marks the beginning of a partnership to support micro and small entrepreneurs by setting up financing mechanisms to support and consolidate their potential”, commented Mohamed Zmandar, Managing Director of Enda Tamweel.

Despite the difficult context due to covid-19, the local subsidiary of the Bahrain-based Islamic banking group, Al Baraka Banking Group, has pledged to support the activity of Enda Tamweel, which contributes to the granting of microfinance to vulnerable populations.

In its latest annual report, counting for the 2020 financial year and published on December 8, Al Baraka Bank claims to have increased its overall volume of financing to its customers by 22% during the 2020 financial year.

The loan granted will be used to “finance the activity and projects of micro-entrepreneurs by granting micro-finance which will have positive effects on job creation and the sustainability of businesses, particularly in this critical economic context”, underlines Enda Tamweel in an official note, relating to this financing agreement.

Since its creation in 1995, the structure claims to have served more than 1 million people and granted nearly 4 million loans. It claims a portfolio of 430,000 active customers, mainly domiciled in isolated regions of Tunisia.

Chamberline MOKO

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