BisB Organizes “Commutation Finance” Event at the Budaiya Financial Mall

Press release

Published October 12th, 2023 - 08:43 GMT

BisB Organizes “Commutation Finance” Event at the Budaiya Financial Mall

During the event

Bahrain Islamic Bank (BisB), the leading provider of Islamic digital banking services in the Kingdom of Bahrain, is the first bank in the Kingdom to sign a Memorandum of Understanding with the Social Insurance Organization (SIO) to provide Sharia-compliant commutation services starting October 2023.
The signing ceremony recently took place at the SIO headquarters in the presence of Mr. Yaser Alsharifi, Chief Executive Officer of BisB, and Ms. Eman Al-Murbati, Chief Executive Officer of the Social Insurance Organization.
In collaboration with the SIO, the Bank will be hosting an event focusing on its commutation finance services, set to take place on Friday, 13 October and Saturday, 14 October, from 10 am to 6 pm at the Bank’s Financial Mall in Budaiya. The event will focus on offering facilitated, Sharia-compliant commutation solutions from under one roof. The initiative also aims to provide customers with convenient, streamlined services and to answer all their questions regarding the commutation offering.
Commenting on the occasion, Mr. Yaser Alsharifi, Chief Executive Officer at BisB, said: “We are pleased to be the first bank to partner with the Social Insurance Organization to launch commutation services for insured customers and pensioners. The agreement will enable us to provide more Sharia-compliant banking services that meet the various needs of our Bahraini customer base. We are also delighted to be the first bank to organize this event with the SIO as we hope to better serve our citizens and offer exceptional, seamless services.”
On her end, Ms. Eman Al-Murbati, Chief Executive Officer of the SIO, expressed her pleasure to begin collaborating with Islamic banks to deliver Sharia-compliant services for retirees in line with the terms and conditions displayed in insurance laws and amendments. In addition to engaging in strategic partnerships that aim to achieve the Kingdom’s Economic Vision as part of Team Bahrain’s efforts, she also commented on the importance of partnering with the private sector as part of its continued responsibility towards the community.
For more information, kindly contact the Bank's Call Center at 17515151, follow the Bank's Instagram page at www.instagram.com/bahrainislamicbank, or visit the Bahrain Islamic Bank website https://www.bisb.com. 

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.