BIZ BAHRAIN JAN-FEB 2018

Banking & Finance
World’s first Fintech
Consortium of Islamic Banks
Three leading banks offering Islamic
Finance have come together to launch
the worlds first global fintech consortium
with a mandate to accelerate the launch of
Sharia compliant fintech solutions, called
ALGO Bahrain, the consortium includes
industry majors such as Al Baraka
Banking Group, Kuwait Finance House
Bahrain and Bahrain Development Bank.
Eight more banks are expected to join the
consortium in Phase 2.
ALGO Bahrain is positioned to launch
15 banking industry platforms by 2022
across the GCC and emerging markets
Bank Queuing App reduces
customer waiting time
Customers of Ithmaar Bank, can now
plan visits to the Bank’s branches
in advance, significantly reducing and
potentially even eliminating waiting time
altogether. The announcement follows the
successful launch of the Ithmaar eQ app,
the Bank’s electronic queuing app.
The Ithmaar eQ app, a smart phone
application available for free download
on both the App Store for iPhones and
Google Play for Androids, allows Ithmaar
Bank customers to view real time
information on all branches, including
how far away and how busy each is.
The Ithmaar eQ app allows customers
to directly book appointments or issue
virtual eTickets for the nearest or
most convenient branch, and notifies
customers when their turn approaches.
The app provides directions to each
branch, as well as their specific timings.
Ithmaar Bank operates one of the
largest retail banking networks in Bahrain
with 16 branches and 44 ATMs in strategic
locations around the Kingdom.
ALGO Bahrain is a strategic
initiative to position Islamic banks for
the forthcoming paradigm shift in the
banking industry as a consequence of
recent financial technology innovations.
Inaction is not an option. said Adnan
Ahmed Yousif, President and Chief
Executive of Al Baraka Banking Group.
Through a collaborative approach,
ALGO Bahrain will enable Islamic banks
to research, innovate and operationalize
fintech solutions in a cost effective and
accelerated way. It will have complete
strategic, operational and financial
independence to innovate financial
solutions that are suited for the digital
economic ecosystem.
The ALGO era is set to revive the
growth of the global Islamic banking
industry by promoting financial inclusion,
creating new employment opportunities
and channeling fresh investment to
critical economic sectors across the GCC
and emerging markets. The ALGO model
will bring down the cost of innovation for
member banks while accelerating their
speed to market. This will have a direct
impact on improving profitability and
growth of the banks.
Ithmaar Bank Chief Executive Officer
Ahmed Abdul Rahim said, “The launch
of the eQ app, after an extensive period
of detailed, exhaustive testing, is an
example of this very commitment. The
launch marks a significant milestone in
our long history of innovation and we are
pleased to be able to continue to make
banking easier, more accessible and more
convenient for our customers.”
Recently, Ithmaar Bank announced
the launch of a prestigious new Shariacompliant
contactless credit card with
Mastercard, a leading technology company
in the global payments industry. The
pioneering new Ithmaar Bank World credit
card is Bahrain’s first contactless offering.
Earlier, in 2017, Ithmaar Bank formally
launched Bahrain’s first ever mobile
payment solution, EasyPay, in partnership
with Batelco and Arab Financial Services.
ASB launches special
Financing Promotion
Al Salam Bank-Bahrain launched a
special financing promotion offering
eligible customers the opportunity to take
advantage of its lowest profit rates on
property and personal financing whilst
receiving valuable instant prizes with a
chance to win cash prizes up to BD 5,000
or 1 Million Gulf Air miles when they either
apply for a new financing facility, top-up
their existing financing with Al Salam
Bank or look to transfer their existing
financing with other Banks to Al Salam
Bank. The promotion is scheduled to run
from 8th of January until 15th of May.
Commenting on the launch of
the special financing promotion, Mr.
Mohammed Buhijji, Head of Retail
Banking said: “As a customer centric
local bank, we have always strived
to conceptualize and deliver exciting
products and services designed to address
the various needs of our customers. We
work and operate in a competitive market
where customers are becoming savvier
and expect their financial partner to
provide them with a comprehensive and
tailor made financial solution.
Our special financing promotion will
offer customers the best of both worlds
when applying for a financing facility;
lower monthly installments as well as
a guaranteed chance for the first 400
customers to win one of many valuable
instant prizes on offer through a scratch
and win card including cash prizes worth
up to BD 5,000 and 1 Million Gulf Air Miles
to travel for free.
With every property or personal
financing, customers will have the
opportunity to win valuable instant cash
prizes and get the chance to win cash
prizes ranging from BD 50 to BD 5,000 or
1 Million Gulf Air miles to travel for free.
Customers can apply now for any of our
financing facilities through our online
product application service “Apply@Home”
available on the bank’s website or visit any
of our branches to facilitate your financing.
January-February 2018
57