Ebdaa Bahrain Microfinance Company has entered into a strategic collaboration agreement with the Union of Arab Banks (UAB). This agreement encompasses an executive program aimed at fostering cooperation between the two entities to advance the microfinance sector across the Arab world.
The primary objectives include expanding access to microfinance in various Arab countries, catering to a broader spectrum of individuals seeking microloans for startup initiative, and to contribute to job creation and advance economic development in the Arab region.
To formalize this collaboration, a memorandum of understanding was approved and signed by Dr. Wissam Fattouh, the Secretary-General of the Union of Arab Banks, and Dr. Khaled Al-Ghazzawi, CEO of Ebdaa Microfinance Company in Bahrain.
This agreement outlines their dedication to intensifying collaboration for the advancement of the microfinance sector. The emphasis lies in refining banking services, both within the field of microfinance and more broadly across Arab nations. Furthermore, the two parties aim to share valuable insights, experiences, and best practices pertaining to microfinance and pertinent legislation.
The memorandum outlines a commitment to mutual support in crucial areas like digitization and financial technology. Both parties have further concurred to facilitate training courses aimed at elevating the skills of employees at Ebdaa Microfinance Company in banking and administrative services. Leveraging their extensive networks, both entities aspire to jointly bolster their collaborative project, dedicated to advancing the microfinance industry.
Commenting on this occasion, the Secretary-General of the Union of Arab Banks, Dr. Wissam Fattouh, said: “We are pleased to inaugurate the first collaboration with Ebdaa Microfinance Company here in the Kingdom of Bahrain. Our aim is to enhance the banking sector for both individuals and institutions across the entirety of our Arab region.”
Dr. Fattouh added: “We are eager to leverage the extensive experience accumulated by Ebdaa over more than 12 years in this crucial field. This partnership offers us an opportunity to delve into the successful experience of the microfinance industry in Bahrain and understand how it can significantly contribute to promoting financial inclusion and reaching diverse segments within various Arab societies. Ultimately, our goal is to support these segments in enhancing their economic and social well-being.”
Dr. Khaled Al-Ghazzawi, the CEO of Ebdaa Company, conveyed his gratitude for the support extended by the Union of Arab Banks to the company in its endeavours. He acknowledged the Union’s pivotal role as an entity dedicated to fostering collaboration among Arab banks, developing financial enterprises in the Arab region, and amplifying the financing role of Arab banks.
Dr. Al-Ghazzawi further emphasized the commitment to activating the provisions outlined in the memorandum of understanding, considering it a foundational cornerstone from which both parties can build and enhance their collaborative efforts. The focus will be on exchanging expertise, and best practices related to microfinance, particularly given the escalating demand for this form of financing.
