To face the impact of COVID-19, Bab Rizq Jameel Microfinance postpones beneficiary payments for nine months
In the framework of the efforts exerted by the government to mitigate the financial and economic impacts of COVID-19, a programme of about (50) billion riyals was prepared to back the private sector and enable it to play its role in promoting economic growth. This is to be done through a package of measures for financing micro, small and medium enterprises.
In light of what was declared by the Saudi Arabian Monetary Authority in this context, Bab Rizq Jameel Microfinance which is the one of its kind in Saudi Arabia, announced its initiative to support the measures taken by the government to fight the COVID-19 pandemic, by postponing customer payments for six months as of March 14, 2020 and extending the payment delay programme for an additional three months till December 14, 2020.
Abdulrahman Al Fehaid, Executive Director of Bab Rizq Jameel Microfinance, said that this initiative comes in implementation of the directives of the Saudi Arabian Monetary Authority and in support of the efforts exerted to mitigate the impacts of the pandemic on male and female citizens. Al Fehaid pointed out that Bab Rizq Jameel Microfinance is currently working to offer suitable financing programmes and products for micro-entrepreneurs in a bid to counter the effects of COVID-19. Since the outbreak of the virus, the company has used all its media potentials in launching awareness and educational campaigns, with which a large segment of citizens and residents interacted.
It is worth noting that during 2018-2019 Bab Rizq Jameel Microfinance has funded 11,143 productive families, and 1,944 micro-enterprises.
The company stated that microfinance is one of the most vital sectors in Saudi Arabia. Therefore, it seeks to boost positive impacts in the social responsibility domain, especially with regards to entrepreneurship, which is considered one of the most important fields of the microfinance sector. In this regard, Bab Rizq Jameel Microfinance attempts to play a more vital role in promoting sustainability by launching quality community service initiatives.