BisB's "Future Leaders" Wins "Most Innovative Islamic Banking Product" Award in Bahrain

TDT | Manama

Email: mail@newsofbahrain.com

Bahrain Islamic Bank (BisB) has been honored with the "Most Innovative Islamic Banking Product" award at the 2024 International Finance Awards for its groundbreaking "Future Leaders" program.

Designed specifically for young people aged 7 to 18, "Future Leaders" demonstrates BisB's dedication to cultivating financial literacy among the next generation. Developed in partnership with Mastercard, this innovative product provides a digital prepaid card that allows young users to make secure online and in-store payments through NFC-enabled point-of-sale terminals.

A key feature of "Future Leaders" is its seamless integration of parental oversight. Parents can actively monitor their children's spending in real-time, transfer funds instantly, and receive immediate transaction notifications. This unique approach empowers young people with financial independence while providing parents with the necessary control. Notably, the entire onboarding process is 100% paperless, conducted by parents directly through the mobile app for their children. Furthermore, BisB is the first bank in Bahrain to introduce a wearable solution for conducting transactions.

Ms. Fatema AlAlawi, Chief Executive Officer of BisB, stated, "We are immensely proud to receive this prestigious award, which reflects our unwavering commitment to innovation within Islamic banking. At BisB, we believe that fostering financial literacy among young people begins with providing them with secure and accessible financial tools. 'Future Leaders' is more than just a product – it is a catalyst for change, empowering young people with the confidence and knowledge to navigate the financial world. This award reaffirms our vision to simplify financial matters for all segments of society while adhering to the principles of Islamic banking. It inspires us to continue pushing boundaries and reimagining banking for future generations."

Innovation lies at the core of BisB's mission to create a positive societal impact. By empowering youth with financial autonomy and encouraging active parental involvement, "Future Leaders" exemplifies the Bank's commitment to nurturing a financially aware and empowered generation. This "Most Innovative Islamic Banking Product" award highlights BisB's continuous pursuit of excellence and solidifies its position as a trusted partner serving the financial needs of Bahrain's communities.