Al Baraka Islamic Bank launches open banking platform

July 27, 2019 | Updated at July 28, 2019

Bahrain’s Al Baraka Islamic Bank has become one of the first Islamic banks to launch an open banking initiative, opening its doors to financial technology (FinTech) firms around the world.

The initiative involves Al Baraka offering over 25 APIs, allowing third-parties to build financial products and services on top of the bank’s Open Banking API marketplace.

“We are delighted to be the first bank in Bahrain to take this innovative approach as part of our Open Banking Strategy. Open banking is the future of banking globally, and as part of a global network, we have realised this opportunity,” said Mr. Hamad Al Oqab, the CEO of Al Baraka Islamic Bank. “Accordingly we would like to invite global FinTechs to use our APIs to test their innovativ...