Manama: Bahrain Islamic Bank (BisB) has joined the Consumer Lending Marketplace on BenefitPay, becoming the first bank in the Kingdom to offer Sharia’a-compliant financing solutions through the digital platform.
The development follows a cooperation agreement between BisB and The BENEFIT Company, Bahrain’s leading innovator in fintech and electronic financial transactions. Built on the Data Driven Infrastructure, the Consumer Lending Marketplace provides a digital environment through which customers can explore tailored financing options and submit applications using the BenefitPay app.
Under the agreement, BisB will retain full and independent responsibility for evaluating applications, making financing and approval decisions, and managing subsequent customer relationships, in accordance with the Bank’s internal policies and applicable regulatory requirements. BENEFIT will provide the technical infrastructure, support the customer-facing digital journey, and facilitate the processing of financing applications.
“This partnership marks an important step in our journey to strengthen digital banking solutions, giving our customers easier and more flexible access to Sharia’a-compliant financing. By leveraging modern technology, we continue to enhance the banking experience in line with evolving customer expectations and the rapid development of the financial services sector,” Fatema AlAlawi, Chief Executive Officer of BisB, said.
“This collaboration reflects our commitment to digital innovation and our support for national efforts to build a more inclusive and advanced financial ecosystem. We will continue investing in initiatives that deliver practical and effective solutions for our customers, while contributing to the Kingdom’s progress towards a sophisticated digital economy.”
“We are pleased to welcome BisB to the Consumer Lending Marketplace through BenefitPay, reflecting our commitment to expanding Bahrain’s digital financial services ecosystem. Through the platform, we continue enabling financial institutions to reach a wider customer base through an integrated and seamless experience that simplifies access to financing solutions, supports innovation, and accelerates financial-sector transformation in line with the national vision for a more prosperous economy,” Abdulwahed AlJanahi, Chief Executive of The BENEFIT Company, said.
By becoming the first bank to offer this type of financing through the Consumer Lending Marketplace, BisB further strengthened its position as a digital-first institution focused on using technology to simplify customer interactions, broaden the reach of Sharia’a compliant financing solutions, and contribute to the ongoing development of Islamic banking in Bahrain.