Bahrain Islamic Bank (BisB), the leading provider of Islamic digital banking services in the Kingdom of Bahrain, is the first bank in the Kingdom to sign a Memorandum of Understanding with the Social Insurance Organization (SIO) to provide Sharia-compliant commutation services starting October 2023.
The signing ceremony recently took place at the SIO headquarters in the presence of Mr. Yaser Alsharifi, Chief Executive Officer of BisB, and Ms. Eman Al-Murbati, Chief Executive Officer of the Social Insurance Organization.
In collaboration with the SIO, the Bank will be hosting an event focusing on its commutation finance services, set to take place on Friday, 13 October and Saturday, 14 October, from 10 am to 6 pm at the Bank’s Financial Mall in Budaiya. The event will focus on offering facilitated, Sharia-compliant commutation solutions from under one roof. The initiative also aims to provide customers with convenient, streamlined services and to answer all their questions regarding the commutation offering.
Commenting on the occasion, Mr. Yaser Alsharifi, Chief Executive Officer at BisB, said: “We are pleased to be the first bank to partner with the Social Insurance Organization to launch commutation services for insured customers and pensioners. The agreement will enable us to provide more Sharia-compliant banking services that meet the various needs of our Bahraini customer base. We are also delighted to be the first bank to organize this event with the SIO as we hope to better serve our citizens and offer exceptional, seamless services.”
On her end, Ms. Eman Al-Murbati, Chief Executive Officer of the SIO, expressed her pleasure to begin collaborating with Islamic banks to deliver Sharia-compliant services for retirees in line with the terms and conditions displayed in insurance laws and amendments. In addition to engaging in strategic partnerships that aim to achieve the Kingdom’s Economic Vision as part of Team Bahrain’s efforts, she also commented on the importance of partnering with the private sector as part of its continued responsibility towards the community.