This is in line with Al Baraka's strategy that aims at fostering innovation in the era of Open Banking
Manama: Heralding a new era in Open Banking with the Al Baraka Global API marketplace, Al Baraka Islamic Bank (ABIB) has become the first bank in Bahrain to invite FinTechs from all over the world to test their solutions through this unique platform. This is in line with Al Baraka’s strategy that aims at fostering innovation in the era of Open Banking.
In this initiative, Al Baraka Global API portal offers more than 25 APIs directly to third parties. This is a testament of the proactive approach of Al Baraka’s open banking strategy instead of a reactive approach – i.e., by going beyond mere compliance with the open banking regulations of the Kingdom of Bahrain that requires banks to open specific APIs to third parties. The portal (https://api.albaraka.com) allows third parties to thus provide better financial products and services to its clientele.
The APIs available on the portal are in six main categories namely: accounts, money transfers, financings, credit cards, information services, and investment products. Moreover, the portal is open for third party developers, FinTechs, and startups globally with no geographical limits to attract more innovations.
While highlighting the rationale behind this major step, Mr. Hamad Al Oqab, the CEO of Al Baraka Islamic Bank said, “We are delighted to be the first bank in Bahrain to take this innovative approach as part our Open Banking Strategy. Open banking is the future of banking globally, and as part of a global network, we have realised this opportunity. Accordingly we would like to invite global FinTechs to use our APIs to test their innovative services and products to better serve our customers,”
Al Baraka Banking Group is currently focusing on its global innovation strategy through its subsidiaries across 17 different markets globally. Accordingly, it is worth noting that Al Baraka Turk is also working on open banking initiatives through the Al Baraka Global API website. In fact, the Group, through its Turkish subsidiary, has established a digital-only Islamic bank in Germany, named “Insha” and a new FinTech company that focuses on e-payment called “alneo”. The APIs of these two initiatives are also listed in Al Baraka’s Global API portal.