Ithmaar Bank, a Bahrain-based Islamic retail bank, is set to introduce a biometric payment network that will enable its customers carry out various financial transactions.

The new platform, developed by Eazy Financial Services, utilises the fingerprint of customers, along with their individual PIN, to process transactions.

Becoming cardless

Once implemented, the customers will not be required to carry their bank cards for payments and other financial operations.

In future, the service is also expected to include points-of-sale.

Ithmaar Bank CEO Ahmed Abdul Rahim said: “As part of our Digital Strategy, we continue to invest heavily in technology that provides our customers a more convenient, simpler and more secure way to conduct their financial transactions.

“Our customers are tech-savvy and expect friction-less access to banking services – and the introduction of biometrics is another major step that direction.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“We are leading the financial industry with this new, tangible solution which is a real-time example of how we put innovation and our customers at the forefront of everything we do.”

The new payment solution is developed on an Automated Fingerprint Identification System (AFIS), which is said to have been deployed in multiple countries for civil and forensic applications.

Eazy Financial Services CEO Khaled Al Ahli said: “Payments stand out as the single largest driver for the biometrics market. We are driving biometric verification in the region, which is the future of the financial industry.”

The biometric payment network implementation process is supported by labour fund Tamkeen, Bahrain Economic Development Board and Central Bank of Bahrain.

The platform is expected to be rolled out in phases starting from the first quarter of 2019.