Worlds First Fintech Consortium of Islamic Banks Announced By Bahrain
ALGO Bahrain is the worlds first fintech consortium with a mandate to accelerate the launch of Sharia compliant fintech solutions
Kuwait Finance House Bahrain, Al Baraka Banking Group and Bahrain Development Bank are the founding members of the Islamic fintech consortium. Eight more banks are expected to join the consortium in Phase 2
ALGO Bahrain is positioned to launch 15 banking industry platforms by 2022 across the GCC and emerging markets
Three leading banks offering Islamic Finance have come together to launch the worlds first global fintech consortium with a mandate to accelerate the buildout of innovative, Sharia compliant banking solutions. Called ALGO Bahrain, the consortium includes industry majors such as Al Baraka Banking Group, Kuwait Finance House Bahrain and Bahrain Development Bank.
ALGO Bahrain is a strategic initiative to position Islamic banks for the forthcoming paradigm shift in the banking industry as a consequence of recent financial technology innovations. Inaction is not an option. said Adnan Ahmed Yousif, President and Chief Executive of Al Baraka Banking Group.
Through a collaborative approach, ALGO Bahrain will enable Islamic banks to research, innovate and operationalize fintech solutions in a cost effective and accelerated way. It will have complete strategic, operational and financial independence to innovate financial solutions that are suited for the digital economic ecosystem.
The ALGO era is set to revive the growth of the global Islamic banking industry by promoting financial inclusion, creating new employment opportunities and channeling fresh investment to critical economic sectors across the GCC and emerging markets. The ALGO model will bring down the cost of innovation for member banks while accelerating their speed to market. This will have a direct impact on improving profitability and growth of the banks.
Bahrain is fast becoming a recognized global FinTech hub. Earlier this year the Central Bank of Bahrain (CBB) launched a regulatory sandbox for fintech start-ups with the Bahrain Economic Development Board (EDB) and Singapores Fintech Consortium announcing the launch of Bahrain Fintech Bay (BFB) the largest dedicated fintech hub in the Middle East and Africa.
About ALGO Bahrain
ALGO Bahrain is the worlds first Fintech Consortium of Islamic Banks to enable Islamic banks for the paradigm shift in the banking industry as a result of financial technology (Fintech). Member banks take a collaborative approach to research, innovate and commercialize innovative solutions, to enhance the value proposition for their end customers. ALGO is reinventing Islamic banks to touch the lives of 10 million consumers across the GCC and emerging markets through launching 15 FinTech platforms by 2022.