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Bahrain bank ila launches innovative digital solution

April 3, 2021
banking

Bahrain’s fast growing digital mobile-only bank, ila has launched a new digital solution for its customers in the kingdom. The innovative banking service, Jamiyah, automates the entire end-to-end process in seamless and effortless steps.

Unveiling the new product, the Bahrain bank said this comes as part of ila’s promise to continuously sense market needs and deploy tailored solutions that enable customers’ financial goals and aspirations.

It also accelerates the government’s vision to facilitate a cashless, digital economy, said ila in its statement.

Launched two years back in Bahrain, ila is a digital, mobile only banking entity in the kingdom powered by Bank ABC, Mena’s leading international bank.

Aided by artificial intelligence (AI) and data analytics, the intuitive app is designed to appeal and serve a wide section of users - ranging from millennials and older age groups to blue collar workers, it stated.

Speaking at the launch, Sael Al Waary, Deputy Group CEO, Bank ABC, who spearheaded the creation of ila, said: 'We are delighted to deliver on our promise to continue to introduce innovative products and services that better suit our clients and communities. Jamiyah is an example of our vision to combine technological innovation with human behaviour to create new products and services that reflect the needs of our customers.'

'From inviting individuals to join custom Jamiyah’s, setting collection targets to automatically deducting monthly contributions from members, the digital ‘Jamiyah’ formalizes this long-standing tradition, while saving valuable time and effort,' he noted.

Al Waary said participants can maintain a clear trail of each members' contribution instead of the manual way of book keeping and collecting funds in cash.

CEO Mohamed Almaraj said: 'For us at ila Bank, it is all about adapting banking to reflect customer lifestyles, needs and aspirations. This product appeals to all segments of our community and amid the current ‘contactless’ environment, its launch could not have been timelier.'

'We are proud to continue to bring market-first products such as Jamiyah to Bahrain,' he added.

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