- Al Baraka Islamic Bank’s milestone reaffirms Bahrain’s position as a regional leader in open banking innovation.
- Tarabut’s technology enabled rapid compliance with the Central Bank of Bahrain’s (CBB) open banking framework, setting a new standard for corporate open banking in the region.
- This aligns with Bahrain’s Ministry of Industry and Commerce (MOIC) and the CBB’s initiatives to support SMEs financing needs and access to corporate banking services.
Manama, Bahrain – 24 February 2025: Al Baraka Islamic Bank, one of Bahrain’s leading financial institutions in the field of Islamic banking, has become the first bank in the Kingdom to comply with the Central Bank of Bahrain’s (CBB) open banking framework for corporations by successfully sharing its APIs. This marks a pivotal step in the Kingdom’s financial innovation journey. Powered by Tarabut’s cutting-edge technology, the bank can now collaborate with fintech companies and third-party providers to offer better and more innovative services to its customers, highlighting Bahrain’s role as a leader in creating a dynamic financial ecosystem.
Tarabut, the MENA region’s leading Embedded Finance platform and Open Banking pioneer, plays a transformative role in the region’s financial innovation and acceleration. With a proven track record, Tarabut has supported banks and financial institutions across the region in achieving open banking compliance, exposing APIs seamlessly and securely, building on that with future-ready data-led solutions and, most recently, introducing trailblazing embedded finance solutions that bridge the financing gap for banks and SMEs. These initiatives lay the groundwork for broader financial innovation, empowering banks and businesses to offer next-generation, customer-centric financial services and solutions. In today’s digital age, where consumers and businesses demand faster, more integrated and personalised financial services, Tarabut is helping banks, financial institutions and business communities to thrive.
By partnering with Tarabut, Al Baraka Islamic Bank is not only achieving compliance but also paving the way for future innovation, positioning itself as a leader in the region's financial evolution. By exposing its APIs to corporates, the bank enables seamless integration of financial services into fintech operations. This collaboration empowers the bank and financers to drive product innovation, create new revenue streams, and leverage data insights for customized solutions and enhanced customer experiences. With Tarabut’s advanced technology, Al Baraka Islamic Bank can swiftly and securely share its APIs, resulting in scalable, customer-focused financial solutions.
Commenting on the occasion, Dr Adel Abdulla Salem, CEO of Al Baraka Islamic Bank, stated: “We are delighted to cooperate with Tarabut as we are committed to embracing the latest advances in technology to enhance our service offerings. This milestone showcases our commitment to compliance and innovation in delivering financial solutions to our clients. By adopting an open banking approach, we empower our customers with seamless integrations and personalized services that meet their specific needs.”
He added: “With every step forward, we aim to redefine banking experiences in the region, driving both efficiency and growth for our customers, and especially for SMEs that play a crucial role in our economy. We believe that by collaborating with fintech partners, we can create a robust ecosystem that supports the digital transformation journey of businesses across Bahrain.”
“We’re thrilled to have supported Al Baraka Islamic Bank in achieving this milestone. This collaboration reflects the power of partnership in creating new and exciting possibilities for banks and financial institutions,” said Abdulla Almoayed, Founder and CEO of Tarabut. “Al Baraka selected Tarabut because of our proven track record in delivering fast, efficient and secure open banking solutions that go beyond compliance, enabling banks to expand their ecosystems and better innovate, seize new opportunities, enhance customer experiences and drive meaningful growth. Together we are levelling up financial innovation in the region.”
This milestone strengthens Bahrain’s position as a regional hub for financial innovation, setting a benchmark for the future of open banking and its transformative impact on the wider financial ecosystem.
