A consortium of three Bahraini banks will establish a company dedicated to research & development in the sharia-compliant fintech sector as the Arabian Gulf state seeks to position itself as a leader in financial technology.
KFH Bahrain, a unit of the sharia-compliant Kuwait Finance House, Islamic lender Al Baraka Banking Group and Bahrain Development Bank said on Tuesday they will set up Algo Bahrain, which is yet to be fully incorporated. The company is expected to announce the appointment of its chief executive and management board in two weeks’ time.
Headquartered in Bahrain, it will aim to support the regional Islamic banking sector by developing fintech products and other innovative, sharia-compliant banking solutions, before expanding to other emerging markets across the world.
“This is a strategic company we expect to bear fruit over the long term, as the best way to approach the fast-moving finte