Bahrain Islamic Bank Swiftly Ready to Launch Open Banking Services

Press release
Published July 16th, 2019 - 05:38 GMT
Hassan Jarrar
Hassan Jarrar
Highlights
Bahrain Islamic Bank (BisB), the leading provider of integrated Sharia compliant financial solutions in the Kingdom of Bahrain, announced its readiness to launch open banking services to its customers starting from 1st of July 2019.

In line with its continuous efforts to facilitate their customers’ daily financial transactions by redefining the traditional customer experience to simplify daily lives; Bahrain Islamic Bank (BisB), the leading provider of integrated Sharia compliant financial solutions in the Kingdom of Bahrain, announced its readiness to launch open banking services to its customers starting from 1st of July 2019. This comes as steadfast result of the directives of the Central Bank of Bahrain (CBB) to integrate all retail banks and financial institutions in the Kingdom with FinTech companies in order to provide diverse and innovative banking services to banking customers.

The open banking services features two types of services, the first being the Account Information Service, which comprise granting customers’ access to their bank account data from different banks through a single unified platform; the second entailing the ability of customers to easily and effectively make payments and transfers between different accounts through a single application.

In the future, customers will be able to benefit from this streamlined platform, which provides them access to all of the leading banks and companies that provide banking services, enabling them to compare alternatives and select the option they require.  In addition, these services will reduce the busy queues in banks and FinTech companies by facilitating banking services and increasing the speed in which they are conducted.

“Open Banking is a game changer, it broadens the horizons for our customers, offering new online payment channels without the need for credit cards or debit cards, as well as providing access to their different bank accounts through a single digital platform,” said the Chief Executive Officer of BisB, Mr. Hassan Jarrar.

 “We have securely positioned ourselves as a unique institution amongst the other leading banks in the Kingdom, setting the pace of competition in the digital race, in light of our unwavering commitment to continually provide innovative banking products and services. We look forward to working with FinTech companies and other institutions to implement the CBB's directives and spearhead digital innovation in the banking sector,” he added.

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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