BisB Signs a Cooperation Agreement with STC

Press release

Published November 5th, 2023 - 06:45 GMT

BisB Signs a Cooperation Agreement with STC

During the event

Bahrain Islamic Bank (BisB), the leading provider of Islamic digital banking services in the Kingdom of Bahrain, has signed a cooperation agreement with STC, which aims to implement several initiatives that serve Small and Medium-sized Enterprises (SME's).
Mr. Jawad Abdul Hadi Humaidan, Chief Corporate and institutional Banking Officer at BisB, said: "The agreement with STC reflects our commitment towards supporting SMEs and corporate customers through providing comprehensive and innovative solutions in cooperation with the market leaders that will enable the growth of these customers."
"This partnership provides an added value to our customers in addition to the simplified innovative financial solutions that we offer, which are designed to enable our SMEs and corporate customers to execute financial transactions digitally and in a matter of minutes."
On his end, Hesham Mustafa, Chief Business Officer at STC Bahrain, said: "We are honored to be working with BisB to empower SMEs in the Kingdom as an important contributor to Bahrain's Economic Vision 2030. We are proud to be providing connectivity and digital services for businesses that wish to scale and enhance their profits, enabling success for companies across various sectors. We look forward to continue providing seamless digital and business solutions to drive economic growth, employment, and digital innovation in Bahrain."
BisB continues its services to the corporate sector by providing integrated financial and banking solutions through its network of 8 branches and 48 ATMs across Bahrain, in addition to online banking services through BisB's digital application and website, where customers can open accounts and complete banking transactions within a few minutes, which include salary transfers and foreign exchange transactions, in addition to settlement services and corporate credit cards.

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.