Bahrain Islamic Bank (BisB) announced that companies under formation will now be able to open and manage their accounts through the Bank’s corporate mobile application. As the first of its kind service in the Kingdom, this initiative comes as part of BisB’s ongoing efforts to simplify money matters for its corporate clients and transform their traditional banking experience through digital innovation.

Through this new service, companies under formation will have quick and seamless access to their online accounts, eliminating the need to visit any of the Bank’s branches. Once their accounts are validated, companies will be able to benefit from a range of the Bank’s products and services, enjoying a simple and innovative banking experience. This service will also contribute to supporting companies during the launch of their businesses.

Companies under formation are categorized as those active without a license, but have obtained a commercial registration certificate issued by the Ministry of Industry and Commerce.

Commenting on this initiative, Jawad Humaidan, Chief Corporate & Institutional Banking Officer, said, “BisB has always been a pioneer in offering innovative financial services, positioning the Bank at the forefront of digital banking solutions. Following our commitment to ensuring we accommodate all our clients’ needs by actively listening and collecting extensive client feedback; this latest service upgrade, which caters to companies under formation enabling them to benefit from our hassle-free, digital account opening service, comes as a direct result to their feedback. Accordingly, we plan on launching several service enhancements in the near future.”

The Chief Corporate & Institutional Banking Officer added, “As part of our customer-centric ethos, this service will enhance user experience and reduce the time taken to open accounts, reflecting our ongoing efforts as Bank towards streamlining banking transactions and uplifting local startups at they contribute to the development of the national economy.”

As part of the Bank’s digital transformation strategy, this latest initiative aims to elevate innovation and digitization with the goal to simplify clients’ finances and present a major shift from traditional banking services. BisB looks forward to providing its clients with a unique and innovative digital banking experience, enabling them to open corporate accounts that support and contribute to the launch of their businesses.

BisB has launched its account opening services to this particular segment following the success of the first and second phases of the launch. Phase 1 was successfully launched in September 2020 for individual establishments and Sijili customers, followed by Phase 2 in July of 2022, which made the service available for all other types of companies in the Kingdom, in which all clients were able to easily and securely open their corporate accounts through BisB’s corporate mobile application.