Gulf International Bank (GIB) has launched a Shariah-compliant digital bank, dubbed meem, to attract young tech-savvy customers in Bahrain.
The service will allow clients to manage their accounts and conduct transactions through a mobile app or an online banking portal.
The online bank will provide personal finance products as well as credit cards. It will allow customers to complete account opening process and get debit cards immediately, withdraw and deposit cash, make transfers and do own account maintenance.
GIB Group CEO Abdulaziz Al-Helaissi said: “We are very delighted to launch meem in Bahrain. meem offers convenient and straightforward banking for digital customers that rely on technology and appreciate the benefits of banking anywhere anytime.
“We aim to continue staying at the forefront of digital banking in the region by delivering innovative solutions to support the needs of our customers.”
The launch of meem by GIB in its home market comes barely two months after a new fintech hub was approved by the Bahraini Government and the region’s Central Bank.
GIB secured a conventional retail banking licence from the Central Bank of Bahrain in June last year.
The bank launched a similar service in Saudi Arabia in 2015.