Dubai: Despite difficult operating conditions in most countries amid pandemic-driven economic downturns, demand for Islamic financing assets (lending) across the core Islamic markets will grow in 2021, according to rating Moody’s.
The rating agency said while the Islamic financing remained resilient in 2020 and it expects growth to continue into 2021. In the GCC mergers between Islamic and conventional banks, where surviving entities are Islamic banks, will drive further one-off increases in assets, as they did in 2019 and 2020.
Demand driven growth
Growth in Islamic financing assets remained steady in 2020, despite a marked slowdown in economic activity across core Islamic banking markets (which include the GCC, Malaysia, Indonesia and Turkey), and continued to outpace conventional asset growth. As a result, the market share of Islamic financing assets in core Islamic markets increased to 32.8 per cent of total financial assets (including conventional bank loans) in September 2
NBB to migrate its SWIFT system to AWS cloud
MANAMA, February 9, 2021 The National Bank of Bahrain (NBB) Group has partnered with Allied Engineering Group (AEG), one of the largest worldwide SWIFT service bureaus, to migrate the bank’s international remittance system (SWIFT) to Amazon Web Service cloud (AWS). This marks as an important step towards transforming how NBB Group is positioning the cloud at the centre of their digital transformation roadmap. This is in line with the Government of Bahrain’s cloud adoption strategy. The move will open the door for other financial institutions in Bahrain and the Mena region to follow suit and will help streamline systems, increase service availability, and reduce costs, with the highest levels of security.
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Verofax is the Winner of Bahrain Islamic Bank s BisB Innovation Challenge
BAHRAIN, Jan 25, 2021 - (ACN Newswire) - Bahrain Islamic Bank (BisB), a leading Bank in the Arab Gulf region, has announced Verofax as winner of the BisB Innovation Challenge , a Fintech Competition run as part of the Bank s partnership with FinHub 973: CBB (Central Bank of Bahrain) Digital Lab , the Kingdom s open application programming interface (API) innovation platform. Verofax, a mature and enterprise-ready service provider, was selected after rigorous screening to ensure a solution with the requisite level of feasibility and security to maintain the confidentiality and security of customers financial data.
Bahrain Business: BisB fintech competition panel formed gdnonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gdnonline.com Daily Mail and Mail on Sunday newspapers.