Bahrain Islamic Bank (BisB), a leading provider of Sharia-compliant integrated financial solutions in Bahrain, has played a key role in boosting the national economy and supporting projects worth BD1.5 billion ($4 billion).
The bank has supported various development projects in the kingdom, namely in housing, educational, health, telecommunications and infrastructure related projects.
BisB is part of a consortium of local and international financing institutions to finance several governmental projects focused on the development of national infrastructure. The bank’s contribution is subsequently expected to have significant impact on the local economy and labour market conditions in the kingdom.
Bahrain Islamic Bank has also supported the development of several healthcare and educational projects worth 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 worth 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 well over BD25 million. This is a reflection of the bank’s mission to improve user experience, positioning 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 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.—TradeArabia News Service
