BisB Wins 2020 Asian Banking & Finance Wholesale Banking Award “Bahrain Domestic Initiative of the Year for Open Banking”
Press release
Mr. Hassan Jarrar. Chief Executive Officer of Bahrain Islamic Bank
Highlights
Bahrain Islamic Bank (BisB) recently emerged as the winner of the “Bahrain Domestic Initiative of the Year for Open Banking” category from the Asian Banking and Finance Wholesale Banking Awards 2020
Bahrain Islamic Bank (BisB) recently emerged as the winner of the “Bahrain Domestic Initiative of the Year for Open Banking” category from the Asian Banking and Finance Wholesale Banking Awards 2020, which honour the most outstanding banks in Asia with successful and innovative wholesale banking initiatives. The award stands testament to the success of BisB’s strategy which focuses on simplifying customers’ money matters through launching simple and innovative banking solutions and services.
The Chief Executive Officer of Bahrain Islamic Bank, Mr. Hassan Amin Jarrar, said, “We are delighted to be receiving this award in recognition of our efforts to launch innovative digital solutions such as Open Banking, which has contributed towards driving the industry’s digital evolution with the adoption of advanced and innovative technologies to enhance the customer experience by simplifying their money matters.
The Bank announced its readiness to launch Open Banking starting from July 1st 2019 following the directives of the Central Bank of Bahrain 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. In April 2020, the Bank rolled out its first open banking service, Account Aggregation, enabling customers to link and view multiple bank accounts all through a single platform, the Bank’s mobile application BisB Digital.
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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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