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MANAMA – Customers of Ithmaar Bank, a Bahrain-based Islamic retail bank, can now get their net salary fifteen days in advance, instantly and directly from their mobile phones, by using the Bank’s dedicated mobile application (App).
The latest service, which was launched as part of the Bank’s digital transformation strategy, is a first of its kind in Bahrain and uses sophisticated technology to automate the entire process; from the initial application through to the review, evaluation, approval and even disbursement of funds. In doing so, it provides a uniquely fast and efficient solution to customers and demonstrates the dramatic potential of using technology to enhance banking services.
The seamless, fully-automated service offers customers a Sharia-complaint solution that addresses their needs. It is available exclusively to Ithmaar Bank mobile app users for employees working in companies who are on the Bank’s approved employer list, have their salaries transferred to the Bank or have a current financing facility with Ithmaar Bank. It was developed entirely in-house with a particular focus on the user experience.
“In line with our commitment to becoming one of the region’s leading Islamic retail banks, Ithmaar Bank’s business model is customer-centric with an ongoing objective to exceed expectations by focusing on innovation and a high level of efficiency,” said Ithmaar Bank Deputy Chief Executive Officer, Abdul Hakeem Al Mutawa. “Developing an innovative new service exclusively on the mobile application is part of our commitment to becoming the retail bank of choice and to realising our customer’s demands and expectations,” he said.
“The all-new service was developed in direct response to our customers’ demands, and underscores how seriously we take their feedback,” said Al Mutawa. “We have invested in new technologies that will reduce waiting and turnaround times for customers to conduct their banking services seamlessly, while implementing state-of-the-art security systems that maintain the confidentiality of private information,” he said.
“As we are still facing the pandemic, customers have turned to digital platforms to conduct their transactions and expect immediate and anytime access to all banking services,” said Al Mutawa. “The advanced salary service will help satisfy customers’ short-term financial needs in a quick, easy and hassle-free manner. Furthermore, as the holy month of Ramadan is right around the corner, the launch of this new service coincides at a perfect time for our customers to manage their financial and household needs,” he said.
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About Ithmaar Bank:
Ithmaar Bank B.S.C. (closed) (“Ithmaar Bank”) is a Bahrain-based Islamic retail bank that is licensed and regulated by the Central Bank of Bahrain and provides retail, commercial, treasury & financial institutions and other banking services.
Ithmaar Bank is a wholly owned subsidiary of Ithmaar Holding B.S.C. which is listed on the Bahrain Bourse, and Dubai Financial Market.
Ithmaar Bank provides a diverse range of Sharia-compliant products and services that cater to the financing and investment needs of individuals and institutions. Ithmaar also maintains a presence in overseas markets through its subsidiary, Faysal Bank Limited (Pakistan) and locally through Dilmunia Development Fund I L.P.
© Press Release 2021
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