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COMMUNITY NEWS

IBDAR Bank founding member of Bahrain Fin Tech Bay

Mar 13, 2018 3:29 PM

Manama Bahrain 13 March 2017: Top tier wholesale Islamic Investment bank Ibdar Bank has announced that it is a founding member of Bahrain FinTech Bay (BFB) an initiative driven by the Bahrain Economic...

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Manama, Bahrain 13 March 2017: Top tier wholesale Islamic Investment bank, Ibdar Bank, has announced that it is a founding member of Bahrain FinTech Bay (BFB), an initiative driven by the Bahrain Economic Development board (EDB) and the Central Bank of Bahrain (CBB) amongst other notable governmental, semi-governmental and private sector entities, underscoring the Bank’s commitment to positioning Bahrain as a regional FinTech hub and a leading digital Islamic financial epicenter.

Commenting on the membership, Ibdar Bank CEO, Mr. Ayman Sejiny, said: “I am pleased to announce that the Bank is a founding member of Bahrain FinTech Bay. Ibdar Bank's strategy is to digitally transform its operations in order to cater to the needs of a Global Islamic Digitized Economy (GIDE) and this partnership is in line with that vision. The Bank, in its comprehensive transformation plan, is currently digitizing its Back-, Middle-, and Front-Office operations and processes, whilst building an expert in-house Digital Finance Team.”

 Ibdar Bank’s digital strategy will also witness the further development of its advisory capacity with regards to financial products for the digital economy and a strong emphasis on fully digitalized products for the Blockchain economy, Cryptonomics and their deployment in the public and private sector.                         

Sejiny added: “FinTech is the most disruptive event in financial history set to enable digital Islamic finance products in a most competitive manner, and with the strong support provided by the Government of Bahrain and the Central Bank of Bahrain, Bahrain FinTech Bay will further reinforce the Kingdom’s strong financial position.”

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