Gainz Crowdfunding has announced that it has received in-principle approval from the Central Bank of Bahrain (CBB) to operate a Shariah-compliant debt crowdfunding platform, marking a step toward introducing a new financing model for small and medium-sized enterprises (SMEs) across the Middle East and North Africa (MENA) region.
A Significant Financing Gap
The development comes amid a significant financing gap facing SMEs across the region. SMEs account for approximately 96% of registered companies in MENA but receive only around 7% of total bank lending. According to the International Finance Corporation (IFC), part of the World Bank Group, the region’s SME credit gap is estimated at approximately $260 billion.
Once licensing is finalised and final approval is obtained, the platform will provide SMEs with faster access to debt financing while enabling individual investors to participate in Shariah-compliant private credit through a regulated framework.
Faster Access to Credit
“SMEs cannot get credit at the speed their businesses move, and individual investors have had almost no Shariah-compliant way to participate in private credit,” said Shehab Mohamed, Founder and CEO of Gainz. “A regulated platform solves both at once.”
Gainz will now work to fulfil the CBB’s remaining licensing requirements, paving the way for the final licensing approval and the launch of its platform.
The company emphasised that the in-principle approval does not mean the platform is currently licensed to operate. Gainz is not currently accepting investor funds.
About Gainz
Founded by Shehab Mohamed in January 2025, Gainz Financial Technologies develops Shariah-compliant financing infrastructure to support SMEs across the Middle East and North Africa.