Finance & Capital Market

Ithmaar named fastest growing Islamic fintech bank

Ithmaar Bank, a Bahrain-based Islamic retail bank, was named Fastest Growing Islamic Fintech Bank at the World Islamic Banking Conference (WIBC) 2019.

The prestigious award was presented by Central Bank of Bahrain (CBB) Governor, Rasheed Mohammed Al Maraj, to Ithmaar Bank chief executive officer, Ahmed Abdul Rahim at a Gala Dinner hosted at the end of the first day of the WIBC.

The WIBC, hosted in strategic partnership with the CBB, brings Islamic banking experts from across the world to Bahrain to discuss key issues and review the latest developments and share insight into current trends.

The annual event, now in its twenty-sixth year, is widely recognised as one of the most important events on the global Islamic banking calendar, and provides a valuable opportunity to showcase Bahrain’s contributions to the global Islamic banking industry.

According to the WIBC organisers, the WIBC Performance Awards are the flagship awards for the event, and are granted to the top Islamic financial institutions based on their aggregate performance scores against multiple measures on a global and regional level. Each financial institution receives an aggregate score based on weighted scores of three metrics: Financial Stability, Financial performance and Governance and Social responsibility.

Award recipients are those that secure the top aggregate score at the global and regional level. Those that make it in the top 10 at the global level and top 5 at the regional level will be nominated.  

“The WIBC Award for being the Fastest Growing Islamic Fintech Bank highlights Ithmaar Bank’s commitment to staying ahead of the curve, and recognises the significance of our digital initiatives,” said Abdul Rahim.

“It is an achievement that was made possible by the commitment, dedication and expertise of our employees and partners, and is a direct result of the support and leadership of the Board of Directors,” he said.

Earlier this year, Ithmaar Bank was also named “Best Bank for Personal Finance in Bahrain” by the World Union of Arab Bankers (WUAB) at a high-profile ceremony hosted in Beirut, Lebanon, and attended by senior bankers from across the Middle East.

Ithmaar Bank has since also announced the launch of a customer-centric chat service on WhatsApp Business social media platform that will help improve its customers’ banking experience.  Following the launch, Ithmaar Bank customers can request information about Ithmaar Bank products and services, as well as make general enquiries about branch locations and timings, ATM locations, Thimaar draw dates and winners list, as well as ongoing promotions and campaigns.

In October, I Ithmaar Bank inaugurated a new branch in Muharaq, Bahrain. The branch, which is more accessible and offers better parking facilities than Ithmaar Bank’s earlier branch in Muharraq was commissioned in response to customer demands and underscored how seriously the Bank takes customer feedback. The new branch maintains Ithmaar Bank’s network of 16 branches and 42 ATM machines, one of the largest retail banking networks in Bahrain. – TradeArabia News Service