In order to provide alternative financing support to micro, small, and medium-sized enterprises (mSMEs), the Labour Fund (Tamkeen) has signed a partnership agreement with Safaghat, a pioneering crowdfunding investment platform licensed by the Central Bank of Bahrain. By addressing Bahraini enterprises' unique financial needs, this collaboration aims to foster growth and economic impact in the entrepreneurship ecosystem and by extension, sustainably grow Bahrain.

Using a portion of the profits, Tamkeen will provide financing loans to eligible Bahraini mSMEs, helping them to raise funds locally and internationally. A Sharia-compliant crowdfunding platform will facilitate the distribution of these funds.

The Chief Executive of the Labour Fund (Tamkeen), Maha Abdulhameed Mofeez, commented on the partnership, "Tamkeen is dedicated to supporting Bahraini entrepreneurs and helping them access financial solutions that will help them scale their ventures, especially when traditional banks are not available." Our mission is to foster innovation and entrepreneurship and stimulate high-growth sectors such as information and communication technology. This collaboration with Safaghat aligns perfectly with our mission."

Safaghat CEO Husain Ali Sayed added, "Safaghat is proud to be at the forefront of financing-based crowdfunding investment platforms in Bahrain." Startups and mSMEs, especially those in the tech industry, face critical challenges when it comes to securing funding for their businesses. For businesses looking to get financing, we are a trusted partner because we are aligned with Sharia laws."

Specifically tailored to tech businesses and those heavily reliant on intangible assets, the programme offers debt-based financing. As well as providing quick access to capital and requiring minimal collateral, it ensures that even small businesses can take advantage of it. In addition, the program is open to innovative and high-potential mSMEs operating for less than three years. Safaghat's website, safaghat.com, is the place where interested companies can apply.