IslamicFinance.de

The Algosaibi Holding Group has signed a grant agreement with Ebdaa Bank. This grant of BD100,000 ($263,000) will enhance the bank’s financial solvency and increase its ability to expand borrowers list which currently includes more than 2,500 borrowers. The agreement was signed by Dr Khalid Al Ghazawi, CEO of Ebdaa Bank, and Fawaz Algosaibi, CEO of Algosaibi Holding. As a nonprofit social financing, Ebdaa Bank seeks to help low-income Bahraini make their way to business. Fawaz Algosaibi praised the efforts made by Ebdaa Bank to provide easy financing for low-incomers and for the prudent management practices implemented by the Bank. He expressed his full confidence in the ability of the bank to manage the amount of support and maximize the benefits.

Ebdaa Bank has agreed to a proposal to microfinance charity projects to achieve their objectives to support low-income families. Ebdaa Bank CEO Dr Waleed Al Ghazawi welcomed officials from Almajdouie Group and stressed the need for the GCC to adopt microfinance due to its benefit for charity donations. The Almajdouie Group is visiting Bahrain to share ideas about their sustainable charity projects. The group’s new project is called "Basta", which has already launched six booths in Saudi Arabia, distributed in Dammam and Al Khobar. The project aims to support kiosks to develop their projects.