Bahrain, the small island country in the Persian Gulf, recently opened the Family Bank, a microcredit lending firm.The bank was established by Bahrain’s Ministry of Social Development with support from leading financial institutions in the country, including the Grameen Trust in Bahrain. The bank has a paid-up capital of BHD 5 million (USD 13 million) and an authorized capital of BHD 15 million (USD 40 million). Paid-up capital refers to the capital that has been paid in full by shareholders. Authorized capital refers to the amount of capital that a company has been authorized to raise by way of equity.

“The bank’s main goal is to serve the low-income families in Bahrain through the promotion of microfinance, which will aid social development,” the bank’s Chief Executive Atef El-Shabrawy said.

By Jay Kumar, Research Assistant

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1.) Source Article: http://www.zawya.com/Story.cfm/sidZAWYA20100115064512/Bahrain%20opens%20…