BisB contributes to the development of vital sectors

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Bahrain Islamic Bank (BisB), a leading provider of Sharia-compliant integrated financial solutions in the Kingdom of Bahrain, is proud to have played a key role in contributing to the development of the national economy by supporting various development projects in the Kingdom, namely in housing, educational, health, telecommunications and infrastructure-related projects.

Bahrain Islamic Bank is honoured to be part of a consortium of local and international financing institutions to finance several governmental projects focused on the development of national infrastructure, with the value of a total project exceeding BD1.5 billion.

The Bank’s contribution is subsequently expected to have a significant impact on the local economy and labour market conditions in Bahrain.

Bahrain Islamic Bank has also supported the development of several healthcare and educational projects, financed with a total project value of more than BD15 million.

In addition, the Bank’s Corporate and Institutional Banking department remains keen on supporting social housing projects, providing financial support to projects with a total value of over BD200 million, positively impacting the pace of construction work.

The Bank has also played a significant role in the development of the information technology and telecommunications sectors through its participation in projects with a total value of over BD 25 million.

This is a reflection of the Bank’s mission to improve user experience, positioning the Kingdom of Bahrain as a leader in the technology and communications sectors amongst developed countries.

The Corporate and Institutional Banking department has additionally played a vital role in the development of the SME sector, whose revenue accounts for a large segment of the GDP, resulting in the increase of employment rates through the creation of jobs.

The Bank was also able to increase its SME portfolio to approximately 24% of total corporate assets.

With this achievement in stride, the department aims to increase the SME portfolio to 30% of total corporate assets by the year 2025.

With regards to sustainability, the Bank has adopted many initiatives to reduce the negative impact on the environment, most notably to decrease paper waste and carbon emissions; largely achieved through its pioneering implementation of state-of-the-art digital banking solutions including a full-fledged mobile application for corporates.

The department has also focused on encouraging companies and institutions to follow suit with its environmental, social and corporate governance (ESG) outlook by putting into motion an initiative that incentivises corporates that do so with preferential profit rates.

BisB continues to enhance the banking experience for its valued customers by simplifying their banking transactions, refining services, and introducing innovative change to the sector.

This can be seen through the Bank’s commitment to digital transformation across all services.

Most notably, the Bahrain Islamic Bank is the first bank in the region to allow corporate clients to open accounts through its digital banking mobile application, subsequently improving user experience and reducing the turnaround time for opening accounts.

The bank has navigated through the pandemic steadfastly, shifting its workforce remotely, setting a target for 70% of employees to work from home, ensuring their health and safety as well as that of their families.

Additionally, under the directives of the Central Bank of Bahrain (CBB), the Bank provided customers with the option to defer loan payments.

This allowed customers the benefit of allocating their financial resources with added ease in the event of any hardship brought on by the spread of the pandemic.

The Bank also offered all clients the option to restructure their credit facilities to cope with the uncertainty that is expected after the CBB deferment directive expires in December 2021.

Commenting on the occasion, Jawad Humaidan, Acting Chief of Corporate and Institutional Banking at BisB, expressed his pride in the department’s achievements over this period, noting, “We are proud of the tremendous efforts put forth by the Corporate and Institutional Banking department, which has played a notable role in developing the economic and social landscape in the Kingdom, especially over the past few years.

This comes as part of our ongoing commitment to playing an active role with social responsibility, enacted through initiatives designed to develop the national economy, as well as support institutions and companies working towards the betterment of key sectors such as education, health and housing.

At BisB, we place our customers, their satisfaction, and aspirations above all else, considering them our most valued asset.

It is with this outlook that we continually strive to develop our services, ultimately simplifying their banking experience and enriching their lives.”