BisB Wins “Most Innovative Islamic Bank – Bahrain” At The International Finance Awards

Press release
Published July 28th, 2021 - 08:15 GMT
BisB Wins “Most Innovative Islamic Bank – Bahrain” At The International Finance Awards
Mr. Hassan Jarrar , Chief Executive Officer of Bahrain Islamic Bank
Highlights
Bahrain Islamic Bank (BisB) announced that it has recently emerged as the winner of the prestigious awards for “Most Innovative Islamic Bank” in Bahrain

Bahrain Islamic Bank (BisB) announced that it has recently emerged as the winner of the prestigious awards for “Most Innovative Islamic Bank” in Bahrain, for the year 2021 from the International Finance Magazine (IFM), a publication that recognises and honours pioneering organisations. This award stands testament to the bank’s ongoing commitment to developing its Shari’a complaint products and services with an innovative approach, and a digitization strategy to simplify customers’ money matters.

It is with BisB’s continuous efforts to enhance the customer experience through the introduction of innovative products and services throughout the year, that this has been achieved. Most notably, being the first bank in the Kingdom to usher in Know Your Customer (E-KYC) technology, enabling documentation verification procedures to be completed digitally, facilitating swift paperless transactions. The year also saw the launch of online account opening for its corporate customers via its application through a selfie, enabling customers to open an account within minutes. Additionally, BisB introduced self-service kiosks across all branches and financial malls in, available for use 24/7 – allowing existing and new customers to open accounts without the need for human intervention. 

Commenting on the occasion, BisB Chief Executive Officer, Mr. Hassan Jarrar stated, “It gives us great pleasure to receive this award, which stands testament to our strategic vision to embrace a digital driven and pioneering mindset, so that we may adapt to customer needs tactfully. The past year has seen the launch of many products and services catalysed by market needs due to unprecedented circumstances. This comes in line with our ongoing commitment to simplify our customers’ money matters with a digitally innovative and pioneering outlook, upon which we will continue to deliver.”

In line with its simplification through innovation vision, BisB also proudly announced the launch of youth-oriented digital products; Future Leaders, directed at educating youth on healthy financial habits, launch BisB Innovation Hub in Riffa, and the BisB Arcade Card specifically designed to reward gaming customers.

Further building on the Bank’s innovative outlook, BisB remains a strategic partner of the Central Bank of Bahrain (CBB)’s FinHub 973, a platform which supports the development of a thriving Fintech ecosystem within the financial sector in the Kingdom of Bahrain. 

The International Finance Awards celebrates excellence, recognising and honouring individuals and organisations that have developed innovative products or services that have set benchmarks for their peers across a variety of fields, including Business & Finance, Real Estate, Telecom, And Oil & Gas. This award highlights the number of initiatives and contributions that the bank has put forward throughout the year.

 

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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