MANAMA: Family Bank yesterday announced the launch of its "Idea Factory" initiative within the non-financial services offered to its clients, which will strengthen their capacity to start and succeed in their businesses.
The initiative is in collaboration with the Social Development Ministry.
Family Bank is a leading Islamic micro-finance bank in the kingdom with the prime objectives of poverty alleviation and socio-economic empowerment of Bahraini communities.
"The Idea Factory mission is fourfold: to generate ideas, facilitate training, liaise between professional networks, and effectively market on behalf of Family Bank's clients," said chief executive Dr Atef El Shabrawy.
The establishment of this new initiative brings two important changes. First, it will receive increased focus and attention as a business unit.
Second, the scope will expand beyond the micro-finance industry to address customer needs more broadly in entrepreneurship.
"I am particularly excited about this new initiative. The creation of the Idea Factory initiative represents an important continuing commitment of Family Bank towards the people of Bahrain," Dr. El Shabrawy said.
"It expands on the bank's existing non-financial department, which was established with the mission of ensuring high-quality delivery and continuous enhancement of support services to the bank's clients.
"We have streamlined procedures to make it quick and easy for applicants to complete the process.
"If applicants meet the financing criteria, the process will get over quickly by matching the client's skills with the idea generated and then training them accordingly," Dr El Shabrawy added.
Dr. El Shabrawy also said that the bank recently recruited an expert, Noor A, as project manager for leading this creative initiative.
"Based on the level of customer interest and the bank's unique ability to meet the needs of its customers, we see tremendous growth opportunity for this initiative," Ms Noor said.
"Family Bank has proven capabilities and supports some of the clients with idea generation in this important industry of micro business.
"We are striving to add capacity, expand capabilities of our customers and to increase our visibility in the market as a distinct incubator of innovative ideas." Ms Noor added.