ila Bank Bahrain has appointed Mohamed Al Maraj as its CEO. Launched in November 2019 as a wholly owned retail subsidiary of Bank ABC, ila marks the Bank’s foray into retail banking space with a fully- digital mobile only proposition, with a roadmap that starts with Bahrain moving on to other MENA countries.
Working on the ‘ila Bank project’ from inception through to its launch, Mohamed brings to this role extensive local and international experience in banking, investments and digital transformations. Prior to this appointment, Mohamed served as the COO of ila Bank. Previously, he played a key role in several Group level initiatives including the establishment of Bank ABC’s DIFC office, upgrade of its Singapore office, and the launch of B-wallet, and acquiring POS machines for Bank ABC’s digital payments subsidiary, AFS.
Commenting on the appointment, Sael Al Waary, the Deputy Group CEO of Bank ABC said: “Mohamed’s journey at Bank ABC exemplifies our commitment to promote growth from within. I am confident Mohamed will successfully lead ila Bank’s young and dynamic team to push boundaries and promote smart banking in Bahrain.”
On his new mandate, Mohamed said: “I am grateful for the confidence Bank ABC has had in me over the last five years. I am extremely proud of this Bahrain-born brand and the phenomenal team we have built so far. ila has exciting things planned for the year that will set new benchmarks in the region’s retail banking industry and we envision to champion the digital retail landscape in Bahrain and the wider region.”
Before joining Bank ABC, Mohamed was a Senior Associate with the investment bank, Perella Weinberg Partners, in New York. He holds a B.Sc. in Finance and Accounting from the Wharton School of Business, University of Pennsylvania, United States.
For two years in the making, ila - a smart, intuitive, agile mobile-only Bank - was conceived to offer seamless banking experiences that reflect modern lifestyles, address financial pain points and accelerate inclusion, through its accessibility on ubiquitous smart devices as well as its lowest income threshold to open an account in the market.
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 and a current account that offers interest without a minimum balance or tenure. ila app is available for download on Google Play and Apple App stores. For more information, visit https://www.ilabank.com and follow ila Bank on social media @ilabankbhr.
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© Press Release 2020