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   2019
   
 

Al Baraka names ElGameya from Egypt at the MENA FinTech Hackathon Innovation Challenge

Manama I 2 November, 2019

Al Baraka Banking Group (ABG) in partnership with FinTech Galaxy, MENA region's first and only FinTech digital crowdsourcing platform recently conducted an Innovation Challenge as part of MENA FinTech Hackathon along other banks in the region. Five FinTechs were shortlisted for Al Baraka Innovation Challenge, from the USA, Egypt, Sri Lanka, Turkey, and UAE. These shortlisted FinTechs joined a full two-day boot camp that took place at the American University of Dubai, which concluded with a final pitch off in front of an expert judging Panel.

The panel of judges included Mr. Ahmed Albalooshi, Senior Vice President - Head of IT at Al Baraka Banking Group, Ms. Fatema Al Alawi - AGM - Head of Retail Banking & Domestic Branches at Al Baraka Islamic Bank and Dr. Sayd Farouk- Vice Chairman, Board of Trustees in Responsible Finance and Investment (RFI) Foundation. The winner was announced at the FinX Awards 2019 that took place in Jumeirah Zabeel Saray Hotel in Dubai, UAE.

The FinX Awards has celebrated the innovation and entrepreneurship in the financial technology ecosystem in the MENA region through awarding the winners of MENA FinTech Hackathon and FinX Awards itself. Accordingly, the FinTech startup "ElGameya" from Egypt was announced as Al Baraka Winner and awarded by the President & Chief Executive of Al Baraka Banking Group, Mr. Adnan Ahmed Yousif.

Al Baraka Banking Group being one of the pioneers in embracing financial technology believes that FinTech will drastically improve the financial industry landscape through access to next-generation banking services.

On this occasion, Mr. Adnan Ahmed Yousif, President and Chief Executive of Al Baraka Banking Group has stated, "Al Baraka has always kept digitalization and innovation at the forefront of our strategy and today we are proud to see that FinTechs from all over the world are pitching their solutions and ideas for the Al Baraka Challenge. This indeed is a showcase of Al Baraka's vision for innovation in the digital era". 

Mr. Yousif further added, "FinTech holds the strongest potential to impact the region's economy, especially in areas like open banking, which has the potential to transform the broad spectrum of services available to the end-users in the short to medium-term.

NOTES FOR MEDIA

About Al Baraka
Al Baraka Banking Group B.S.C. ("ABG") is licensed as an Islamic wholesale bank by the Central Bank of Bahrain and is listed on Bahrain Bourse and NasdaqDubai. It is a leading international Islamic banking group providing its unique services in countries with a population totaling around one billion.

The Group has a wide geographical presence in the form of subsidiary banking units and representative offices in 17 countries, which in turn provide their services through over 700 branches. Al Baraka Banking Group has operations in Jordan, Egypt, Tunis, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon, Saudi Arabia, Syria, Morocco and Germany, in addition two branches in Iraq and two representative offices in Indonesia and Libya.

ABG and its Units offer retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari'a. The authorized capital of ABG is US$ 2.5 billion.

ABG is rated BB (long term) / B (short term) by Standard & Poor's and BBB+ (long term) / A3 (short term) by Islamic International Rating Agency (IIRA). IIRA has also rated ABG on the national scale at A+ (bh) / A2 (bh) with a fiduciary score of 81-85, the highest level amongst Islamic Financial Institutions in the region.

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