Manama, February 22 (BNA): The “Commercial Establishments Credit Rating Platform” was introduced by the Ministry of Industry and Commerce in collaboration with BENEFIT. The initiative’s goals are to promote firms’ sustainable growth and increase credit market transparency.
Industry Ministry, BENEFIT launch Commercial Establishments Credit Rating Platform
The platform’s goal is to offer more open and accurate credit evaluations that accurately represent the operational and financial standing of Bahraini businesses. It is anticipated to give SMEs another source of capital for business expansion while allowing lenders to more effectively distribute funds based on consistent criteria and trustworthy data.
The government’s robust support for the SME sector was emphasized by Abdulla bin Adel Fakhro, Minister of Industry and Commerce and Chairman of the SME Development Board.
According to him, the credit rating platform’s introduction represents a significant advancement in Bahrain’s financial infrastructure development, especially for SMEs. The platform supports business competitiveness and sustainable growth by offering an extra route to finance and improving the caliber of credit choices through objective measures that fortify market transparency and confidence.
The agreement underscores national efforts to promote business entities and drive digital transformation in the banking industry, according to BENEFIT CEO Abdulwahed AlJanahi. According to him, the platform will improve SMEs’ access to financing and spur their expansion by empowering lenders to more precisely evaluate credit risks and allocate funds to creditworthy companies.
By enabling companies to professionally present their financial and operational records to lenders, the commercial credit rating system is a useful tool that enhances financing terms, boosts approval rates, and expedites the loan application process.
The Ministry and BENEFIT’s partnership is centered on creating and deploying a cutting-edge credit evaluation model that lowers financing operating costs, improves transparency and stability in the credit market, and gives lenders more accurate insights into the financial behavior of businesses.
In order to enhance expansion prospects and further solidify Bahrain’s standing as a welcoming and alluring business environment for entrepreneurship, the Ministry of Industry and Commerce encourages commercial establishments, especially SMEs, to take advantage of the new platform as an extra financing channel and to work with lenders to investigate credit rating-based financing products.
