3 Bahraini banks set up R&D unit

Banking Frontiers - - News Banking In The Gulf -

Three banks in Bahrain are join­ing hands to set up an in­sti­tu­tion to un­der­take re­search and devel­op­ment in the sharia com­pli­ant fin­tech sec­tor in the coun­try. The 3 banks - KFH Bahrain, which is a unit of the sharia-com­pli­ant Kuwait Fi­nance House, Is­lamic bank Al Baraka Bank­ing Group and Bahrain Devel­op­ment Bank - said in a joint state­ment they will set up Algo Bahrain for the pur­pose. Head­quar­tered in Bahrain, it will aim to sup­port the re­gional Is­lamic bank­ing sec­tor by de­vel­op­ing fin­tech prod­ucts and other in­no­va­tive, sharia-com­pli­ant bank­ing so­lu­tions, be­fore ex­pand­ing to other emerg­ing mar­kets across the world. In the first phase, its ac­tiv­i­ties will be funded by the 3 found­ing banks while 8 other banks are ex­pected to join the ven­ture through in­vest­ments in the sec­ond phase. The com­pany’s plan is to launch 15 new fin­tech prod­ucts or plat­forms within the next five years.

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