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COMMUNITY NEWS

Ithmaar Bank and Mastercard collaborate to streamline international money transfers in Bahrain

May 5, 2020 5:21 PM

From right: Ithmaar Bank Deputy Chief Executive Officer, Banking Group, Abdul Hakeem Al Mutawa with Mastercard's Country Manager - Bahrain, Cynthia ElKhoury.

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Ithmaar Bank, a Bahrain-based Islamic retail bank, in collaboration with Mastercard, announced the launch of a new service that allows Ithmaar Bank customers to transfer money from Bahrain to various countries around the world almost instantly.

The service, called IthmaarSEND, is provided to customers directly from the Ithmaar Bank eBanking platform. The service will offer customers a faster, simpler and more secure way of transferring money abroad from almost anywhere in the world, through mobile phones, tablets or any other internet-connected device. 

IthmaarSEND uses the Mastercard Send for Cross-Border money remittance platform, which enables fast, secure international fund transfers to a variety of payout methods. This provides customers new levels of choice, convenience, and certainty by allowing them to transfer money to accounts, cards or mobile wallets, with enhanced transparency. Mastercard’s platform plays a key role in improving world-wide connectivity, by providing new and enhanced innovation across the global digital ecosystem.

“The new service offers our customers a dramatically faster alternative to transfer money abroad,” said Ithmaar Bank Deputy Chief Executive Officer, Banking Group, Abdul Hakeem Al Mutawa. “It also allows customers to know, in advance and before executing the transaction, all associated costs including the currency exchange rate,” he said.

“The IthmaarSEND service was developed in direct response to our customers’ demands, and underscores how seriously we take their feedback,” said Al Mutawa. “Ithmaar Bank is committed to becoming one of the region’s premier retail banks and we recognize that, to do so, we must listen closely to our customers and maintain our focus on continually meeting and exceeding their expectations,” he said.

“This new service, which is available exclusively for Ithmaar Bank customers, could help change the way many people in Bahrain transfer money abroad, whether it’s sending money to family back home, to children studying overseas, or to transfer money on behalf of domestic helpers or other employees,” said Al Mutawa. “The fact that the transfers happen almost instantly, and that the service is available from within the eBanking platform, will make this service a particularly appealing option for many,” he said.

“Consumers’ needs and expectations are rapidly changing as the world becomes increasingly interconnected,” said Mastercard General Manager, Saudi Arabia and Bahrain, J.K. Khalil. “It has become a priority for citizens in Bahrain to be able to quickly and safely send money to friends and family across the globe. The ability to make fast, frictionless, trackable cross-border transfers that could be cashed out through many digital and physical channels is crucial to driving digitization in the country, and we are delighted to partner with Ithmaar Bank on this service.”

“This partnership is another example of how Mastercard Send for Cross-Border is not only supporting the transformation of Bahrain’s digital economy, but also providing innovative solutions for customers and consumers all around the world, enabling people and businesses to send and receive money how and where they want, with certainty and predictability of when and how much will be received,” said Khalil.

IthmaarSEND currently allows customers to transfer money in near real-time to India, Pakistan, the Philippines and the United Kingdom. IthmaarSEND also allows customers to quickly transfer money to most of Europe, including Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia and Spain, with more countries expected to be added over time.

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