BisB’s Head of Sharia Coordination and Implementation Achieves “Academic Excellence Award in the Field of Social Responsibility for Islamic Financial Institutions and Banks”
Bahrain Islamic Bank (BisB), the leading provider of digital banking services in the Kingdom of Bahrain, announced that Sheikh Hamad Farooq Al Shaikh, Head of Sharia Coordination and Implementation at the Bank received the “Academic Excellence Award in the Field of Social Responsibility for Islamic Financial Institutions and Banks”.
The accolade came as part of the 7th Financial Institutions and Islamic Banking Conference and Award, organized by the Regional Network for Social Responsibility in partnership with Bahrain Association of Banks (BAB) at the Hilton Hotel in Juffair. Sheikh Hamad Al Shaikh presented his research paper entitled “The Role of Islamic Bank’s Financing and Assistance Funds in Developing Islamic Social Finance and BisB’s Role in this regard.” The research discussed the role of Islamic banks in enhancing social responsibility, developing housing solutions in the Kingdom of Bahrain, providing tailored personal finances for medical treatment, construction, marriage and more. Additionally, the paper also highlighted the role of BisB’s Zakat, Donations and Qard Al-Hassan Committee in offering various financing options.
Commenting on the occasion, Yaser Alsharifi, Chief Executive Officer of BisB, said, “We are pleased to congratulate Sheikh Hamad Farooq for his achievement, which reflects his ongoing efforts, alongside his team, in developing a number of specialized Islamic banking products including Sharia social financing programs to individuals and the impactful role of BisB’s Zakat, Donations and Qard Al-Hassan Committee on the community within Sharia-compliant practices.
He added, “We take pride in the Bank’s vital contributions to the field of social responsibility and its efforts in embedding environmental, social, and corporate governance best practices within its operational framework. This approach comes in line with our commitment to delivering on our strategic vision as a Bank, and to serving our customers by consistently meeting their needs and expectations.”
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.