Tamkeen, Safaghat announce innovative financing partnership to support Bahraini startups, mSMEs

Manama, Oct. 31 (BNA):  The Labour Fund (Tamkeen) has announced the signing of a partnership agreement with Safaghat, a pioneering crowdfunding investment platform licensed by the Central Bank of Bahrain, to offer alternative financing support to micro, small, and medium-sized enterprises (mSMEs). This collaboration seeks to empower innovative and high-potential Bahraini enterprises by addressing their unique financial requirements s, thus fostering growth in the entrepreneurship ecosystem and by extension economic impact and sustainable growth in Bahrain.

 

Tamkeen will extend its support for financing loans by covering a portion of the profits to eligible Bahraini mSMEs, helping them to raise funds from local and international consumers and investors. These funds will be facilitated through Safaghat’s crowdfunding platform, ensuring compliance with Sharia principles.

 

Commenting on this partnership, Maha Abdulhameed Mofeez, Chief Executive of the Labour Fund (Tamkeen) said, “Tamkeen is dedicated in supporting Bahraini entrepreneurs and helping them access financiial solutions  needed to scale their ventures, particularly when traditional banking options might be out of reach. This collaboration with Safaghat aligns perfectly with our mission to foster innovation and entrepreneurship and to stimulate high potential growth sectors such as ICT.”

 

Safaghat CEO Husain Ali Sayed added “Safaghat is proud to be at the forefront of financing-based crowdfunding investment platforms in Bahrain. This programme will address critical challenges faced by startups and mSMEs in securing funds for their businesses, especially those in the tech sector. Our alignment and compliance with Sharia laws positions us as a trusted partner,  for businesses seeking financing.”

 

The programme offers access to debt-based financing, especially tailored for tech businesses and those heavily reliant on intangible assets. Additionally, it offers swift access to capital and imposes minimal collateral requirements, ensuring that even small businesses with limited assets can benefit. Furthermore, the program is open to innovative and high-potential mSMEs operating for less than three years. Interested companies can apply through Safaghat’s website, safaghat.com.

 

WHQ