Ila Bank launches ‘alburaq’ Islamic banking experience in Bahrain

Ila Bank launches ‘alburaq’ Islamic banking experience in Bahrain

Bahrain - Bank ABC’s retail arm ila Bank has launched Bahrain’s exclusively digital, Shari’a-compliant banking offering for individual customers, ‘alburaq.’

This Islamic banking experience from ila Bank brings customers a host of intuitive Islamic banking products and services at their fingertips, through ila’ state-of-the-art mobile app.

‘alburaq’ is backed by Bank ABC’s long-established Islamic finance subsidiary, Bank ABC Islamic. Recently named the ‘Best Islamic Financial Institution in Bahrain in 2023’ by Global Finance, Bank ABC Islamic has been been at the forefront of cutting-edge developments in the Islamic banking space since the 1980s.

Commenting on ila’s foray into the Islamic banking space, Bank ABC’s Acting Group CEO, Sael Al Waary said: “Bank ABC revolutionised the retail banking landscape in Bahrain with the launch of our digital mobile-only – ila Bank back in 2019. We are now merging the deep Shari’a-compliant banking expertise of our Islamic finance arm with ila’s disruptive digital capabilities to offer consumers a first-of-its-kind, extremely personalised digital Islamic banking experience through ‘alburaq’.”

“By introducing this purely Islamic account from ila, we endeavor to offer Bahrain an all-inclusive banking experience that caters to the country’s diverse market, with a wide range of banking products that meet varying customer preferences, enabling us to