Bahrain Islamic Bank (BisB) has been recognized at the 2024 International Finance Awards for its groundbreaking product, “Future Leaders”, which has been named the “Most Innovative Islamic Banking Product” in Bahrain.
Designed exclusively for children and youth aged 7 to 18, Future Leaders exemplifies BisB’s commitment to fostering financial literacy among younger generations. Developed in collaboration with Mastercard, the product serves as a digital prepaid, enabling young users to make secure in-store and online payments via NFC-enabled POS terminals.
A key feature of the Future Leaders product is its seamless integration of parental oversight. Parents can monitor their children’s spending in real-time, transfer funds instantly, and receive immediate transaction notifications. This balance between empowering youth with financial independence and providing parents with control has been pivotal to the product’s success since its launch. It is a 100% paperless onboarding, directly from the Mobile app done by Parents for their children. With this initiative, BisB is the 1st Bank in Bahrain to launch Wearable solution to conduct transactions.
Ms. Fatema AlAlawi, Chief Executive Officer of BisB said, “We are immensely proud to receive this distinguished award, which reflects our unwavering commitment to innovation in Islamic banking. At BisB, we believe that shaping financial literacy among the youth begins with providing them with secure and accessible financial tools. ‘Future Leaders’ is more than just a product – it is a catalyst for change, equipping young people with the confidence and knowledge to navigate the financial world. This award reaffirms our vision to simplify financial matters for all segments of society while staying true to the principles of Islamic banking. It inspires us to continue pushing boundaries and reimagining banking for the next generation.”
Innovation lies at the heart of BisB’s mission to create meaningful societal impact. By enabling financial autonomy for youth and fostering active parental engagement, Future Leaders embodies the Bank’s commitment to nurturing a financially aware and empowered generation. The “Most Innovative Islamic Banking Product” award underscores BisB’s continuous pursuit of excellence and reinforces its position as a trusted partner serving the financial needs of Bahrain’s communities.