Bank ABC Islamic wins Bahrain's most transformed Islamic bank in recognition of its three-year growth strategy.
This prioritises new-to-bank customer acquisition of corporate and Islamic financial institution clients, while increasing Islamic liabilities and expanding capital-light businesses.
Retail customer acquisition in Bahrain and abroad is another key pillar of the strategy. The bank has successfully launched its Islamic retail banking portal Alburaq in Bahrain and is accelerating its growth in Algeria.
The bank has also prioritized digital transformation, earmarking $100 million to overhaul its digital infrastructure, products and services.
Several transformative digital improvements have been implemented in wholesale banking, including notably a new cloud-based platform, which will reduce client onboarding times, and a corporate portal powered by artificial intelligence-based analytics.
Other notable launches include the introduction of ABC Trade, a portal for the digital exchange of documents, and the roll out of instant cross-border payment solutions for high-value transactions. This project has been piloted in partnership with the Central Bank of Bahrain and JPMorgan.
The bank's performance in 2023 reflects the successful early implementations of its strategy, with net profit increasing by 19% to $46.3