ila News

Manama, Bahrain: ila Bank, powered by Bank ABC, has received an award from Mastercard for the “Fastest-Growing Digital Bank in MENA Central – 2023”. The award, which covers Bahrain, KSA, Egypt, Jordan, Lebanon, Iraq, Palestine, and Yemen, recognized ila Bank’s relentless commitment to innovation and expansion, defining “fastest growing” not just by capturing a significant market share, but also by fostering a large and loyal customer base through groundbreaking product innovation and unparalleled customer-centric initiatives.

The award ceremony took place at ila Bank’s headquarters in Bahrain, which is also the headquarters of its parent, Bank ABC. Adam Jones, Division President, West Arabia at Mastercard, presented the award to ila Bank CEO, Mohamed Al Maraj.

Commenting on the prestigious win, Mohamed Al Maraj remarked, “We are pleased to have received this award from a globally renowned entity like Mastercard. This recognition reinforces our mission to change the way people perceive banking as a service. Since its inception, ila Bank has constantly rolled out new products and services to meet the demands of our growing customer base. With the continued growth of our clientele, ensuring an exceptional customer experience remains our top priority, no matter how large we become. We are dedicated to maintaining this standard as we have more offerings in the pipeline to support the evolving needs of our growing customer base, empowering them to achieve their financial goals and aspirations.”

For his part, Adam Jones said, “Bahrain is experiencing a remarkable acceleration in its digital ecosystem. This surge in innovation, perfectly aligned with the government's vision, presents incredible opportunities for businesses and individuals alike. This is exactly what this award represents. ila Bank has been our trusted partner in driving payment innovation in the Kingdom and this is a testament to their commitment to advancing digital transformation in line with the Bahrain Economic Vision 2030. By embracing these advancements, we can unlock a future of greater efficiency, inclusion, and prosperity for all."

With a vision to provide innovative banking services that keep up with customers’ ever-evolving lifestyles, ila Bank has captured the attention of a wide cross-section of the population in the markets it operates in. The revolutionary bank’s paperless procedures allow customers to open their digital bank account in a matter of minutes, and easily manage their finances with a host of pioneering products. These include fixed deposits at attractive interest rates, digital saving tools Hassala and Jamiyah, a premium debit card with a host of benefits, credit cards with customisable rewards and an Islamic bank account. ila Bank’s prize account, Al Kanz, has its highest-ever annual cash payout this year, amounting to a grand total of US$2,670,000.

By empowering customers to seamlessly manage their money via an award-winning app on their mobile phones, ila encourages a steady transition to a cashless, digital economy. The Bank aims to extend its digital, mobile-only banking footprint across the region, thereby promoting financial inclusivity and awareness across new geographies.