Al Salam Bank Joins Tamkeen’s Open Innovation Program as the first bank in Bahrain to Drive Financial Innovation in collaboration with Bahraini Startups and SMEs
Manama – 6th April 2025
Al Salam Bank B.S.C., has joined the Open Innovation Program, a pioneering initiative backed by Bahrain’s Labour Fund (Tamkeen) and managed by Brinc MENA.
This Program connects leading enterprises with innovative Bahraini startups and SMEs to develop cutting-edge solutions that address the enterprises’ challenges and requirements, and enhance operational efficiency, drive sustainability, and foster economic growth.
The program connects Bahraini startups and SMEs with leading enterprises to develop innovative solutions that enhance operational efficiency, drive digital transformation, and support economic growth. Al Salam Bank is the first Bank to join this initiative, reaffirming its commitment to fintech innovation and the advancement of Bahrain’s financial sector.
The agreement was co-signed by Tamkeen’s Chief Executive, HE Maha Abdulhameed Mofeez, Mr. Anwar Murad, Deputy CEO – Banking at Al Salam Bank, and Brinc’s Managing Director, Husain Haji, at Tamkeen’s headquarters. Under this partnership, Al Salam Bank will collaborate with selected startups and SMEs, co-financing the development of proof-of-concepts (POCs) and pilot solutions that address the bank’s strategic challenges and opportunities.
This collaboration aligns with Tamkeen’s 2025 strategic priorities, which focus on enhancing Bahrainis’ competitiveness in the private sector, supporting enterprise growth, and accelerating digital transformation.
Her Excellency, Ms. Maha Abdulhameed Mofeez, Chief Executive of the Labour Fund (Tamkeen), commented: “Al Salam Bank’s participation in the Open Innovation Program is a testament to our shared vision of fostering a vibrant startup ecosystem in Bahrain. This initiative provides startups and SMEs with a unique platform to collaborate with leading enterprises, driving innovation and economic diversification in the Kingdom.”
On signing the agreement, Mr. Anwar Murad, Deputy CEO – Banking at Al Salam Bank, stated: “Innovation is at the heart of Al Salam Bank’s strategy. Through this program, we aim to leverage the creativity and agility of Bahraini startups to enhance our digital banking capabilities, improve clients experiences, and optimize operational efficiency. By working together, we can shape the future of Bahrain’s financial sector and create sustainable economic value.”
A joint committee consisting of representatives from Tamkeen, Brinc, and Al Salam Bank will oversee the selection and development of startup-led solutions to enhance financial innovation. The program will support the co-creation of new technologies that align with the evolving needs of the financial sector.
Brinc’s Managing Director, Hussain Haji, added: “By connecting corporations with agile startups/SMEs, we are fostering a dynamic ecosystem where AI-driven automation, financial security solutions, and personalized digital banking experiences can thrive. This collaboration will drive meaningful advancements in Bahrain’s banking sector and enhance clients engagement through cutting-edge technology.”
Bahrain-based startups and SMEs with innovative technology solutions are invited to apply via https://openinnovation.bh. Selected participants will join a six-month accelerator program, receiving tailored mentorship, funding, and the opportunity to pilot their solutions with Al Salam Bank.
With this strategic partnership, Al Salam Bank, Tamkeen, and Brinc are paving the way for financial innovation and startup-led growth in Bahrain.