Bahrain Islamic Bank Launches Future Leaders Financial Literacy Program With Mastercard-branded Wearable Payments

Press release
Published July 5th, 2021 - 10:15 GMT
Bahrain Islamic Bank Launches Future Leaders Financial Literacy Program With Mastercard-branded Wearable Payments
Trendy, simple and secure digital pre-paid product for 7 to 18-year-olds is the first Mastercard-branded wearable payment band in Bahrain
Highlights
Bahrain Islamic Bank (BISB) has launched its ‘Future Leaders’ youth program, featuring the market’s first wearable wristband branded by Mastercard.

Bahrain Islamic Bank (BISB) has launched its ‘Future Leaders’ youth program, featuring the market’s first wearable wristband branded by Mastercard. Future Leaders is a one-of-a-kind prepaid solution for children and teenagers that enables parents to issue children’s allowances digitally, enabling better financial literacy for the children and more financial control for parents. 

The digital allowance is stored securely on a comfortable wristband, ensuring access to a trendy and convenient wearable for kids from seven to 18 years old. A prepaid card option is also available. The cashless payment solution allows kids to conduct transactions, manage their finances and track their spending on the go. 

“At BisB we are incredibly proud to empower the next generation, enable them to learn key life skills and encourage an independent mindset through Future Leaders.  We are delighted to collaborate with Mastercard as an innovative partner that ensures the payment technology is as safe as it is secure, ensuring our customers’ peace of mind. This program is an excellent example of how we can catalyze digital transformation in the financial sector by providing advanced innovations that truly transform our customers’ experience,” said Hassan Jarrar, CEO of Bahrain Islamic Bank. 

“Accelerated digitization is all around us and research shows that contactless payments are here to stay. Wearable tech is also a growing segment, and while expecting at the very minimum a fast, secure and safe payment technology, we know that users – especially the young and digitally-savvy generations of tomorrow – will demand a seamless cashless payment experience. At Mastercard, we care greatly about financial literacy and inclusion, and seeing the youth increasingly more included and engaged in the Bahraini digital economy is really fantastic,” said J.K. Khalil, Country Manager, Saudi Arabia, Bahrain & Levant, Mastercard.

A Future Leaders prepaid account can be opened and activated by parents via BisB’s website or mobile app, for children between the ages of seven and 18 years. The solution is online, and NFC enabled, which can then be used to make purchases in stores as well as online via ecommerce. Parents can also receive notifications and transfer funds to children’s accounts. 

 

Background Information

Bahrain Islamic Bank

Incorporated in 1979 as the first Islamic bank in the kingdom of Bahrain, and the fourth in the GCC. Bahrain Islamic Bank (BisB) has played a pivotal role in the development of the Islamic banking industry and the Kingdom’s economy. The Bank operates under an Islamic Retail banking licence from the Central Bank of Bahrain and is listed on the Bahrain Bourse.

At the end of 2016, the Bank’s paid up capital was BD 101 million, while total assets stood at BD 1042 million. The Bank’s modern branch network comprises 5 branches, 4 innovative financial malls, and 56 ATMs located throughout the Kingdom. A steadfast focus on continuous innovation, strong corporate governance and risk management, employee development, and the use of state of the art technology to deliver superior customer service, has cemented Bahrain Islamic Bank’s position as the leading Sharia’a – compliant bank in the Kingdom.

Check out our PR service


Signal PressWire is the world’s largest independent Middle East PR distribution service.

Subscribe

Sign up to our newsletter for exclusive updates and enhanced content