BIZ BAHRAIN JAN-FEB 2020_compressed

Banking & Finance
CBB issues
five silver
commemorative
medals set
Bahrain Clear
Go-Live with
Fawateer for
online payments
First digital personal financing
experience through new KFH Jazeel
banking
The Central Bank of
Bahrain (CBB) has issued
five silver commemorative
medals set to celebrate
the 100th anniversary of
the Financial Services,
Educational Services, Security
Services, Health Services and
Municipality Services in the
Kingdom of Bahrain.
Specifications:
Metal: Silver 999 Ag
Weight: 31 grams (one
ounce)
Diameter: 36 mm
Shape: Circle
Design: as per image
Obverse: Five medals, each
includes a picture of:
1. Building of the Central
Bank of Bahrain.
2. Building of Al-Hedaya
Al-Khalifya School.
3. Building of the Police
Fort.
4. Building of Salmaniya
Medical Complex.
5. Building of Manama
Municipality.
Reverse: The picture of the
100th anniversary logo.
The silver medals set
can be purchased from the
Currency Issue Directorate at
the Central Bank of Bahrain in
Diplomatic Area. Started from
the 30th of December 2019 for
BD 120/-.
Bahrain Clear (BHC), a
fully owned subsidiary of
Bahrain Bourse, launched the
electronic payment “Fawateer”
to allow investors, brokers,
custodians and issuers to
pay all outstanding fees and
commissions of all services
provided by Bahrain Clear in a
seamless and secure manner
in cooperation with “BENEFIT”,
the leading electronic
transactions company.
With the Fawateer service,
investors, brokers, custodians
and issuers will be able to pay
the fees for all the services
provided by Bahrain Clear,
including account opening,
opening of investor number
(NIN) for individual and
institutional, transfer of
securities, transfer of dual
listed companies’ shares,
exempt case securities transfer,
securities account statement,
and pledge registration.
The value added service
will be available through
Fawateer’s service on all
e-banking platforms and
BENEFIT Pay. Bahrain Clear
Integrating the EFTS will
reduce the amount of time
and effort which is required
for payment and settlement.
Benefit’s Fawateer feature is
the fastest and most efficient
online payment method, which
aggregates bills from multiple
billers and presents those bills
in one interface providing real
time bill payments.
Abdulhakeem AlKhayyat
Managing Director and CEO,
KFH-Bahrain
Bahrain has revamped its
mobile application “KFH
Jazeel Banking”, the first
integrated Fintech digital
banking platform in the
Kingdom of Bahrain, with
an aim to place customer
needs and experience as
a key element in product
development. The revamp of
the application comes in line
with KFH-Bahrain’s strategy
to support the FinTech sector
in the Kingdom of Bahrain.
One of the key features of
the newly revamped mobile
application is the customer’s
ability to apply for Tamweely
Personal Finance with an
immediate initial approval.
The feature includes a smart
calculator that provides the
maximum financing amount
for each customer. At the
same time, customers can
also pay off their current
financing obligations from
other financing organizations
in Bahrain directly through
Jazeel. In addition, the new
update provides a more fluid
and intuitive user-friendly
interface that can be easily
navigated in both languages
Arabic and English, enables
customers to perform several
new banking services,
which includes re-activating
dormant accounts, updating
the account holder info,
known as KYC (Know-Your-
Customer). In addition,
customers can instantly
transfer money using only
mobile numbers of KFH-
Jazeel users and notify those
who want to conduct any
money transfers.
Abdulhakeem AlKhayyat,
the Managing Director and
CEO of KFH-Bahrain revealed,
“KFH Jazeel is the first
application in Bahrain that
provides customers with
the opportunity to apply for
personal finance within 10
minutes only. Launching
the new app reiterates
our commitment towards
continuously developing
the “KFH Jazeel” platform
by offering unique services
and introducing customers
to a sustainable community
banking concept.”
The application also
enables GCC customers to
conduct banking transactions
and access financial services
within the Kingdom of
Bahrain, as well as open and
manage savings accounts,
open Wakala Investment
accounts, issue Credit Cards,
alongside various other
banking services, creating
a true digital banking
experience.
32 January-February 2020