Bahrain Islamic Bank Launches a State-Of-The-Art Innovation Lab

Press release
Published June 7th, 2018 - 05:52 GMT
Bahrain Islamic Bank (BisB) has recently announced the launch of its in-house innovation lab, a dedicated creative space that will allow the Bank to perform exploratory test runs.
Bahrain Islamic Bank (BisB) has recently announced the launch of its in-house innovation lab, a dedicated creative space that will allow the Bank to perform exploratory test runs.

Bahrain Islamic Bank (BisB) has recently announced the launch of its in-house innovation lab, a dedicated creative space that will allow the Bank to perform exploratory test runs, in an effort to continually improve new banking products and services before they are deployed in the market. The unveiling of the Innovation Lab is part of the Bank's drive to harmonize financial technology with its business operations, in order to deliver superior integrated financial solutions to satisfy its customers’ expectations. Launching of BisB Innovation Lab is one of the major achievements done by the IT team in the Bank, which will be in line with the Bank’s strategy” Ishraq”, specially about the digitization.

Mr. Hassan Jarrar, Chief Executive Officer of BisB, said, "The inauguration of this lab stems from the need to create an innovative work environment that inspires creativity, thinking outside the box and brainstorming new ideas. We have equipped the lab with advanced technology in order to empower our IT team with the ability to pilot and test drive new products currently available in the digital market, leveraging digital interfaces within the Bank's systems in order to design new solutions in the FinTech field."

Mr. Jarrar also stated, “The Lab is automated with biometric authentication for added security measures, and is equipped with various new technologies, including Location Based Services, Self-Service Machines, New Generation ATMs, robotics, digital banking services, instant cheque book and card printing services. It also comprises a Virtual Voice Assistant, which will enable our retail and corporate customers to chat online, allowing them to manage their financial business faster in a simplified and hassle-free manner.”  He added, "The possibilities are endless, our employees can utilize the lab to demonstrate potential services, identify the business value of trending technologies, and experiment with services remotely before they go-to-market. Moreover, the lab will play a pivotal role in facilitating the exchange of ideas, serving as a creative space, further promoting a culture of innovation within the Bank. Similarly, the lab will be used for internal meetings as a more interactive space, conducing more thought-provoking collaborations with our partners and vendors to contribute to the banking industry’s digital evolution.” 

Mr. Hassan Jarrar concluded, “We are continually seeking new ways to streamline our operations in order to transform the lives of our customers, by enabling them to work and live better through innovative, simple solutions that facilitate their banking transactions.

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.

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Bahrain Islamic Bank

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