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Manama, Bahrain: ila Bank, Bahrain’s fast growing digital mobile-only bank, today launched the first-of-its-kind, digital ‘Jamiyah’ in Bahrain. Stemming from an informal regional community saving tradition, the innovative banking service automates the entire end-to-end ‘Jamiyah’ process in seamless and effortless steps. 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.
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. Participants can maintain a clear trail of each members contribution instead of the manual way of book keeping and collecting funds in cash.
Commenting on this much anticipated product 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.”
Mohamed Almaraj, CEO, ila Bank Bahrain said: “ila 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. ”
This groundbreaking feature has been designed with a goal to build financial capabilities and resilience in the local community. Extensive focus groups were conducted to understand the pain points that Bahraini’s have today when participating in Jamiyahs. There is a clear need for customers to be able to track payments, monitor the Jamiyah’s progress and automate monthly payments being made to each participant. ila’s version preserves this widely loved saving tradition and enables friends and family to collectively save in a playful digitized manner.
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ila Bank
Launched in Bahrain on 24 November 2019, ila Bank is a digital, mobile only banking entity in Bahrain powered by Bank ABC, MENA’s leading international bank. Aided by Artificial Intelligence 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. The app’s current offerings include completely digital onboarding, instant virtual card for online transactions, physical debit card, multi-currency account, a current account that offers interest without a minimum balance or tenure and a savings pot “Hassala” that encourages users to save for their goals and aspirations. ila app is available for download on Google Play and Apple stores.
For more information on ila Bank, please visit: www.ilabank.com and follow ila Bank on social media @ilabankbhr.
© Press Release 2021
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