Bahrain Launches Credit Rating Platform to Boost SMEs

In a strategic move to strengthen Bahrain’s business environment and support small and medium enterprises (SMEs), the Ministry of Industry and Commerce has launched the “Credit Rating Platform for Commercial Enterprises” in partnership with Benefit Company. The platform aims to enhance transparency in the credit market and support sustainable business growth.

The platform provides more accurate and transparent credit assessments that reflect the financial and operational performance of businesses in Bahrain. It is expected to give SMEs an additional option to access financing, expand their operations, and enable financiers to allocate funds more efficiently based on reliable data and standardized criteria.

His Excellency Abdullah bin Adel Fakhro, Minister of Industry and Commerce and Chairman of the SME Development Board, highlighted the government’s commitment to supporting SMEs under the leadership of His Royal Highness Crown Prince Salman bin Hamad Al Khalifa, which has led to innovative initiatives that facilitate access to finance and promote sector growth due to its vital role in the national economy.

“The launch of the credit rating platform represents a qualitative leap in the financial infrastructure of Bahrain’s business sector, particularly for SMEs. The platform offers an additional option for financing and improves the quality of credit decisions by financiers through objective indicators that enhance transparency and build trust in the market, supporting a competitive business environment and sustainable growth,” said the Minister.

Abdulwahid Al Janahi, CEO of Benefit, emphasized that the partnership reflects national efforts to support commercial enterprises and advance digital transformation in the financial sector. He noted that the platform enables financiers to assess credit risks more accurately and direct funding efficiently to enterprises with strong creditworthiness, positively impacting SMEs’ financing opportunities and accelerating their growth.

The credit rating system allows businesses to professionally showcase their financial and operational records to financiers, improving financing conditions, increasing approval rates, and speeding up credit application processes.

The collaboration between the Ministry of Industry and Commerce and Benefit is based on developing and implementing an innovative credit assessment model that provides financiers with precise insights into businesses’ financial behavior, reduces financing operational costs, and enhances transparency and stability in the credit market.

The Ministry has encouraged commercial enterprises, especially SMEs, to take advantage of the new platform as an additional financing option and to engage with financiers to explore credit products based on credit ratings, thereby supporting expansion, growth, and Bahrain’s position as an attractive and entrepreneurial business environment.