Al Baraka Banking Group’s digital transformation to gain further momentum

By Edil Corneille

Bahrain-based Islamic banking multinational Al Baraka Banking Group (ABG) announced plans that will see the further advance of its digital transformation journey. ABG has apprised that it has already explored a number of strategic initiatives to enhance the banking journey for customers through digital innovation.

Adnan Ahmed Yousif, President and Chief Executive of Al Baraka Banking Group stated, “This year has been a very unique for everyone including for us at Al Baraka. However, despite the challenges that have come along with the pandemic and lock downs, we have been able to continue to serve our customers and operate normally. Thanks to the digital transformation journey that started two years ago, we have built appropriate digital capabilities that helped us maintain business continuity and ensured we could meet the needs of our customers, uninterrupted throughout the COVID-19 pandemic.”

Senior Vice President, Head of IT at ABG, Ahmed Albalooshi said, “The present challenges have helped us to accelerate the digital transformation journey and the Group’s focus on digitalisation projects and initiatives aimed at better serving and meeting the Group’s existing and future demands, not just from our customers’ perspective but also from an internal perspective focusing on creating a working environment that also prioritizes the digitalisation of our operational processes and back office functions.”

Al Baraka Banking Group stated that it has launched advanced mobile banking applications, open banking initiatives, and core banking modernization in several units. The Group has mentioned that it has pioneered the digital-only Islamic bank in Germany, ‘Insha’, which is now on stream providing a broad range of services. The Group, through its Turkish subsidiary, has established several FinTechs companies including ‘alneo’ that focuses on e-payments.