MANAMA: Bahrain Development Bank has launched ‘Fawateer Assignment’ in collaboration with Benefit, as part of efforts to support SMEs.
Fawateer Assignment is a special arrangement that will enable BDB customers who are or who want to be billers on Fawateer to secure their loans by having their Fawateer proceeds directly deposited in their account with BDB, through Benefit.
This arrangement will contribute to reducing the customer’s credit risk and facilitating the provision of financing to SMEs, especially the ones that are unable to provide other forms of security for their financing requirements.
By activating this service, the customer will be able to deposit their Fawateer proceeds into their BDB account directly for the duration of the financing period.
BDB chief executive Sanjeev Paul said the launch of Fawateer Assignment is an advantage for all the parties involved.
“We are truly pleased to launch this arrangement in collaboration with Benefit and we are sure this will have a positive impact on all parties involved.”
Benefit chief executive Abdulwahed Al Janahi said, “We are proud to extend our relationship with BDB to strategic partnership for the Fawateer billing service, and we look forward to expanding our initiatives with BDB.”
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