ila Bank's community saving solution
ila Bank, one of Bahrain's fast-growing digital mobile-only banks, has launched a first-of-its-kind, digital 'Jamiyah' in Bahrain. Stemming from a regional community-saving tradition, the innovative banking service automates the entire end-to-end 'Jamiyah' process. This comes as part of ila's promise to continuously sense market needs and deploy tailored solutions that enable customers' financial goals and aspirations. It also accelerates the government's vision to facilitate a cashless, digital economy.
From inviting individuals to join custom Jamiyah's, setting collection targets to automatically deducting monthly contributions from members, the digital 'Jamiyah' formalises this long-standing tradition, while saving valuable time and effort.
Sael Al Waary, deputy group CEO of Bank ABC, said: "Jamiyah is an example of our vision to combine technological innovation with human behaviour to create new products and services that reflect the needs of our customers."
Mohamed Almaraj, CEO of ila Bank Bahrain, said: "ila is all about adapting banking to reflect customer lifestyles, needs and aspirations. This product appeals to all segments of our community and amid the current 'contactless' environment, its launch could not have been timelier. "
This groundbreaking feature has been designed to build financial capabilities and resilience in the local community. Focus groups were conducted to understand the pain points that Bahrainis have today with Jamiyahs. ila's version preserves this loved saving tradition and enables people to collectively save in a digitised manner.
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