Minister of Labour and Social Development, and the head of Family Bank’s board; Mr. Jameel Bin Mohammed Bin Ali Humaidan chaired both Annual General Association and family bank’s board meetings which were held in his library the day before yesterday.
Family Bank’s accomplishments that were made since it has been established in 2010, were shown during the meeting of General Association. Throughout those years, the Bank was able to achieve a significant position in the Islamic finance field. Ensuring to move forward in developing and growing their funding services which are provided by the Bank.
In addition, some matters were discussed throughout General Association meeting; such as; investigating the matters which reinforce the efforts put into improving the standard of living and economic empowerment for the Bahraini families; through supporting productive families, small enterprises and businessmen. In addition, Family Bank plays a role in order to support governmental programs to solve the issue of unemployment through providing an opportunity to start their own businesses for those who are looking for jobs. Besides that, preparing the suitable atmosphere to do the essential initiatives for individuals with limited income to improve and encourage them.
After the General Association meeting, Family Bank Board meeting was held and chaired by the minister of Labour and Social Development, the head of Family Bank’s board; Mr. Jameel Bin Mohammed Bin Ali Humaidan with the attendance of the Bank’s vice president; Mustafa Al Sayed, and the Family Bank CEO, Dr. Khalid Ateeq. Where some amendments were discussed which were about the process of work and an agreement was done about the Bank’s future plan.
What is important to mention is Family Bank was created on the initiative of Ministry of Labour and Social Developments that is cooperation between: Royal Charity Organization, Bank of Bahrain and Kuwait, Ithmar Bank, Ahli United Bank and Kuwait Finance House. Family Bank got its license from the Central Bank of Bahrain and established in January 2010 as the first social bank specialized in small enterprises which works upon the Islamic laws.
Family Bank was able to indulge with businessmen to achieve different success stories and special experiences in entrepreneurship field through providing the suitable funding for their projects, or through giving consultation sessions from (The Idea’s Market) the Bank owns. This market aims to provide different ideas which concern growing thoughts for businesses and assist any individual who wants to start their business to satisfy their interest and need. In addition to educate them, provide a business plan for marketing and train them on business basic skills.
Family Bank received Mohammed Bin Rashed Al Maktoum Award for supporting youth businesses about “the best initiative for small and medium enterprises in the Arab world.”, which was in 2013 during a very competitive year among applicants from associations and companies from the Arabian countries. The Bank has passed several standards which were put by judges who are significant in the business field. Besides that, Family Bank’s contribution in funding productive families played a major role in choosing project “56wa= A Step” to win the Arabian Gulf award (AGFUND), the international competition for human development projects in 2014 in the field of marketing for homemade products, where the winning was among four other projects which won the award amongst 59 projects that were elected to win the reward in its four other branches submitted by 43 other countries from four continents.
