MANAMA: Al Baraka Banking Group B.S.C, (ABG)a Bahrain-headquartered Islamic banking major, and Eazy Financial Services B.S.C (c) (Eazy), have signed a Memorandum of Understanding (MoU) paving the way to conduct a feasibility study for deploying biometric payment network and digital banking services across ABG’s network of Banking Units spread across 17 countries.
Mr. Adnan Ahmed Yousif, President and Chief Executive of Al Baraka Banking Group and Dr. Nayef Tawfiq Al Alawi, Managing Director, Chief Executive at Eazy signed the MoU.
“On behalf of ABG it gives me great pleasure to announce our partnership with Eazy towards the provision of such a revolutionary, game-changing service to our customers,” Mr. Adnan Ahmed Yousif, President and Chief Executive ABG, said.
“Over the years ABG has been at the forefront by introducing innovative digital banking services as part of its strategy and the MoU with Eazy will help to deploy biometric and digital banking services,” Mr. Adnan Ahmed Yousif, added.
The provision of EazyNet® biometric payment services will provide ABG’s customers across its global network, a safe, more convenient and more secure way to conduct all their banking transactions and purchases through ATMs and point of sale (PoS).
On his part, Dr. Nayef Tawfiq Al Alawi, Managing Director, Chief Executive at Eazy stated, “ABG global customers will enjoy a cross boarder experience where they will be able to access their banking services across all ABG’s network (ATM/POS) across the 17 counties using their fingerprints away from cards or phones. Over and above this, their fingerprints will be also accepted where ever the eazyNet® Brand is accepted whether on an ATM Machine or a POS”
Yousif reiterated, “Our partnership with such a futuristic-minded organization is in line with the ongoing implementation of our progressive FinTech strategy that will not only minimize the need for physical banking, but it will also greatly expedite our digital banking processes as well. This in turn serves to illustrate our constant pursuit of the latest in innovation and streamlined initiatives as we seek to provide the best and most customer-centric products and services for our clientele.”
Al Baraka Banking Group is licensed as an Islamic wholesale bank by the Central Bank of Bahrain and is listed on Bahrain Bourse and Nasdaq Dubai stock exchanges. It is a leading international Islamic banking group providing its unique services in countries with a population totaling around one billion. It is rated BBB+ (long term) / A3 (short term) on the international scale and A+ (bh) (long term) / A2 (bh) (short term) on the national by Islamic International Rating. ABG offers retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari’a. The authorized capital of ABG is US$ 2.5 billion. The Group has a wide geographical presence in the form of subsidiary banking units and representative offices in 17 countries, which in turn provide their services through over 700 branches. Al Baraka currently has a strong presence in Turkey, Jordan, Egypt, Algeria, Tunisia, Sudan, Bahrain, Pakistan, South Africa, Lebanon, Syria, Saudi Arabia and Morocco, in addition to a Digital bank in Germany, two branches in Iraq and two representative offices in Indonesia and Libya.
Eazy Financial Services B.S.C. (closed) is an Ancillary Service Provider and IP owner/ provider of the world’s first Biometric Payment Network ‘eazyNet®” that is focused on providing Biometric payment services and innovative solutions. Eazy offers Biometric payment services and innovative solutions to the banking and financial services industries by bringing a new era of secured and convenient transaction experience. Through its state-of-the-art Biometric Network including but not limited to all types of biometric measure (fingerprint, facial recognition, iris and more) clients are empowered with a unique transaction experience by enabling biometric transactions for cash withdrawals plus ATM card PIN number, in-store payments (POS payment transactions), in-branch customer experience, identification services, merchant loyalty programmes, and others.
