Mastercard Awards Bahrain's Ila Bank As 'Fastest-Growing Digital Bank In MENA Central' For 2023

In a significant stride towards digital banking excellence, ila Bank, powered by Bank ABC, has been honored with the "Fastest-Growing Digital Bank in MENA Central – 2023" award by Mastercard. This prestigious accolade highlights ila Bank's rapid expansion and innovation within the digital banking sector across several countries including Bahrain, Saudi Arabia, Egypt, Jordan, Lebanon, Iraq, Palestine and Yemen. The recognition comes as a testament to the bank's dedication to not only increasing its market presence but also building a loyal and satisfied customer base through innovative products and customer-centric initiatives.

The award ceremony, hosted at ila Bank's headquarters in Bahrain, saw the presence of notable figures from both Mastercard and ila Bank. Adam Jones, Division President, West Arabia at Mastercard, presented the award to ila Bank CEO, Mohamed Al Maraj, signifying a momentous recognition of the bank's efforts in redefining banking experiences in the region.

Mohamed Al Maraj, expressing gratitude for the recognition, stated, "This award from Mastercard not only honors our commitment but also motivates us to continue our mission of transforming banking into a service that meets the dynamic needs of our customers." He highlighted ila Bank's focus on rolling out new products and ensuring an exceptional customer experience as key to their success. Al Maraj also hinted at future offerings aimed at supporting the financial goals and aspirations of their expanding customer base.

Adam Jones commended Bahrain's rapid digital ecosystem growth, aligning with the government's vision and opening up new avenues for innovation. He praised ila Bank as a pivotal player in driving payment innovation, contributing to Bahrain's digital transformation in line with the Bahrain Economic Vision 2030. Jones's comments underscored the importance of digital advancements for fostering efficiency, inclusion, and prosperity.

Innovative Banking for a Digital Future

ila Bank has made significant headway in attracting a broad demographic through its innovative banking services, tailored to fit the evolving lifestyles of its customers. The bank's paperless account opening process, coupled with a variety of pioneering products such as fixed deposits, digital saving tools Hassala and Jamiyah, premium debit and customizable credit cards, and the Islamic bank account, has set a new standard in digital banking. Particularly noteworthy is ila Bank's prize account, Al Kanz, which boasts its highest-ever annual cash payout this year, totaling US$2,670,000.

By offering an award-winning app that facilitates smooth money management on mobile phones, ila Bank champions the transition towards a cashless, digital economy. The bank's ambition to expand its digital, mobile-only banking services across the region is a clear indication of its commitment to promoting financial inclusivity and awareness in new markets.

As ila Bank continues to grow, its relentless pursuit of innovation and excellence in digital banking is setting a benchmark for others in the industry. The recognition by Mastercard not only celebrates ila Bank's achievements but also underscores its role as a leader in the digital banking transformation in the MENA region.