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| 24 April, 2018

GIB launches digital bank in Bahrain

Gulf International Bank (GIB) has launched the digital retail banking services of meem, the region’s first Sharia-compliant digital bank, in Bahrain.

A security guard stands in front of the main office of the Gulf International Bank in the Bahraini capital of Manama, May 30, 2009.
REUTERS/Hamad I Mohammed

A security guard stands in front of the main office of the Gulf International Bank in the Bahraini capital of Manama, May 30, 2009. REUTERS/Hamad I Mohammed

REUTERS/Hamad I Mohammed

MANAMA - Gulf International Bank (GIB) has launched the digital retail banking services of meem, the region’s first Sharia-compliant digital bank, in Bahrain.

Central Bank of Bahrain (CBB) Governor Rasheed Al Maraj attended the technology driven launch event as the guest of honour in the meem store at The Avenues, Bahrain.

Oil Minister Shaikh Mohammed bin Khalifa Al Khalifa, along with other dignitaries also attended the event.

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meem offers innovative straightforward financial solutions delivered through its convenient and simple-to-use mobile app.

“We are pleased to see meem digital banking begin its operations in Bahrain,” Mr Al Maraj said.

“The launch underlines the CBB’s ongoing commitment and success in attracting fintech specialists to the kingdom and strengthening the country’s fintech ecosystem.”

meem offers a 24/7/365 service model on its innovative mobile app and web banking portal allowing customers to open and manage their accounts, conducting everyday transactions through its online channel, supported by services such as video contact centre, e-mail, web chat and social media.

“We are very delighted to launch meem in Bahrain,” said GIB Group chief executive Abdulaziz Al Helaissi.

“meem offers convenient and straightforward banking for digital customers that rely on technology and appreciate the benefits of banking anywhere anytime. We aim to continue staying at the forefront of digital banking in the region by

delivering innovative solutions to support the needs of our customers.”

GIB Group chief operating officer and Saudi Arabia country head Mushari Al Otaibi said: “meem is a digital banking service committed to providing all banking services efficiently and according to the highest level of reliability and security.

The launch of meem in Bahrain will reinforce the status of fintech and digital banking in the finance sector of the kingdom.”

GIB Group head of retail banking Mohammed Al Garni added: “We aim to provide a personal service to our customers, making it easy for them to manage their money efficiently. We would like our customers to think of meem as the smart digital bank at the tip of their fingers.”

Overtime, customers in meem Bahrain and meem Saudi Arabia will benefit from the services offered in both countries where they can transact and operate their accounts in a unified banking channel.

Bahrain customers may open a One Pack account; which combines the benefits of both current and saving accounts. The account comes with a debit card capable of linking to multiple foreign currency accounts. Other products such as online Murabaha term deposits, credit cards and personal finance will be added in due course.

meem’s Bahrain inauguration is a significant milestone for GIB as it paves the way for further expansion across the GCC.

GIB initially launched meem digital banking in Saudi Arabia in 2015.

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