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Al Salam Bank Bahrain and FlexxPay announce Sharia compliant solution

By Edil Corneille

December 14, 2020

  • Al Salam Bank-Bahrain
  • Bahrain
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ASBB, Al Salam Bank-Bahrain, FlexxPayRiyadh-based FlexxPay, a social impact technology company with offices in Europe and the GCC, and Bahrain’s Al Salam Bank signed a cooperation agreement to offer employee benefit solutions to businesses and government entities in Bahrain. The Sharia compliant solution will give employees and pensioners access to a portion of their earned income whenever they desire. Salaries, commissions, pensions and end of service benefits will be accessible at any point of time through the FlexxPay platform in a user-friendly and secure environment.

Al Salam Bank and FlexxPay will offer the platform as an integrated solution to businesses and government entities seeking to enhance their respective employee experience, productivity, engagement and retention rates. Employees with commission-based salaries will have immediate access to already-earned commissions.

Al Salam Bank Group Chief Executive Officer, Rafik Nayed commented, “At Al Salam Bank, we are constantly seeking innovative partners to offer our corporate customers digital solutions that support their business ambitions. FlexxPay’s dynamic platform solves a real-world problem for employees and pensioners in a user-friendly way, and we believe that businesses will find this attractive as it will help improve corporate productivity as employees optimize their personal finances. Moreover, government bodies and the community at large will appreciate the benefits of alleviating financial pressures on employees and pensioners.”

Michael Truschler, CEO of FlexxPay said, “Al Salam Bank is the ideal cooperation partner for us to roll out FlexxPay to the private and public sectors in Bahrain. We share the common goal to combine innovative technology with modern banking services to offer state-of-the-art services to businesses and end consumers. Everyone should be able to access their earned income whenever they need. They’ve earned it, they deserve it – that’s what FlexxPay stands for.”

The overall objective of offering the solution in the country is to have people inject money into the economy and the banking sector early and thus is expected to have a positive impact on the overall economy and the Gross Domestic Product (GDP).

FlexxPay and Al Salam Bank plan to further develop banking related products that are driven by technology.

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