Al Salam Bank Implements RPA Solution in line with its Digital Transformation Journey 

Press release
Published August 2nd, 2022 - 11:35 GMT
Al Salam Bank Implements RPA Solution in line with its Digital Transformation Journey 
Mr. Abdulkarim Turki, Chief Operating Officer at Al Salam Bank.
Highlights
In compliance with the regulatory requirements from the CBB and the Ministry of Justice, Islamic Affairs and Waqf 
Resulting in improved efficiency, accuracy, and quality assurance

Al Salam Bank, in collaboration with 10xDS (Exponential Digital Solutions), has successfully implemented Robotic Process Automation (RPA) solution on Blocked and Unblocked Accounts (BUB) within its compliance framework. This comes as part of the Bank’s efforts to comply with the regulatory requirements issued by the legislative authorities in the Kingdom of Bahrain, represented by the Ministry of Justice, Islamic Affairs and Waqf, and the Central Bank of Bahrain (CBB), with utmost accuracy and efficiency.

The implementation of RPA automates high-volume compliance-driven back-end operations, which were previously performed manually, with this technology, Al Salam Bank can better focus on high-impact strategic tasks by freeing up their back-end operations teams.  This comes in line with the Bank’s digitization strategy, adding to the Bank’s portfolio of digital banking services and products.

Commenting on the occasion, Mr. Abdulkarim Turki, Chief Operating Officer at Al Salam Bank, said, “We are pleased to partner with 10xDS to implement this cutting-edge digital solution which will enable the automated extraction and processing of backend routine tasks in order to more effectively meet the requirements of the Kingdom’s local authorities and regulatory bodies. This, in turn, will lead to an increase in efficiency, accuracy, and speed in terms of processing-time. We look forward to the automation of other back-office processes in the near future as part of the Bank’s agile three-year digitization strategy.”

On his part, Mr. Ali Al Khaja, Head of Compliance and Anti-money Laundering at Al Salam Bank, said, “The RPA solution, which comes as part of the Bank’s collaboration with 10xDS solutions, will lead to operational excellence, better cost optimization, and significantly reduce risk, resulting in achieving better accuracy and transparency in meeting regulatory compliance requirements. In addition, the automation of routine tasks will enable employees to direct their focus towards other strategic initiatives and high-impact work.”

Additionally, this step is in parallel with the Bank’s guiding principle ‘Be Digitally Native’, which constitutes smart and efficient banking services through adopting a digital, solution-driven mindset in order to provide clients with an enriched banking experience characterized by convenience, simplicity, and efficiency.

10xDS is specialized in delivering RPA solutions that support the continuous development of organizations through the automation of complex, end-to-end operational activities in an IT endorsed environment. The Company also couples traditional consulting with digital solutions, further enhancing the digitization journey of companies through the provision of advanced technological solutions that enable them to maintain their positions at the forefront of their field.

Background Information

Al Salam Bank

Al Salam Bank-Bahrain B.S.C (ASBB) is an Islamic bank headquartered in the Kingdom of Bahrain, and licensed and regulated by the Central Bank of Bahrain.

ASBB was established on 19 January 2006 in the Kingdom of Bahrain with paid-up capital of BD 120 million (US$ 318 million) and commenced commercial operations on 17 April 2006. The Bank was listed on Bahrain Bourse on 27 April 2006 and subsequently on the Dubai Financial Market (DFM) on 26 March 2008.

ASBB completed its merger with the Bahraini Saudi Bank (BSB) on 22 December 2011. On 2 February 2014, Al Salam Bank-Bahrain and BMI Bank B.S.C. (c) confirmed the conclusion of a business combination between the two institutions after obtaining the approval of their shareholders at their respective extraordinary general assembly meetings, and of 30 March 2014 BMI Bank became a wholly owned subsidiary of ASBB.

ASBB offers its customers a comprehensive range of innovative and unique Shari’a-compliant financial products and services through an extended network of branches and ATMs, utilizing the state-of-art technologies to meet various banking requirements. In addition to its retail banking services, the Bank also offers Corporate Banking, Private Banking, Asset Management and Treasury services. The Bank's high-caliber management team is comprised of highly qualified and internationally experienced professionals with proven expertise in key areas of banking, finance, and related fields.

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