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 fintech industry and ensure Islamic banking stays ahead of the game,” said Abdulhakeem Al Khayyat, managing director and chief executive of KFH Bahrain during a press conference in Bahrain.
The first phase of its existence will be driven and financed by the three founding banks – which declined to give details of their investment – and eight more banks are expected to join the consortium in the second phase.
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Middle East fintech sector begins to stir
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“The real potential of the Islamic banking industry is easily three to four times more than where we stand today," said Mr Al Khayyat.
“With innovative business models and new revenue and cost structures, the industry should be eyeing an asset base of US$9 trillion within five years, compared to the current $2tn. Anything short would be failing our customers.”
The company's plan is to launch 15 new fintech products or platforms within the next five years. Already, six agreements have been signed in Europe and Singapore, through which companies would work to develop new fintech solutions under the Algo banner.
“We have set an ambitious agenda for ourselves. The combined strength of our market access, customers base and financial resources will make this happen,” Mr Al Khayyat said.
Algo's first initiative will be a "person-to-small-business" crowdfunding platform that will aim to fuel the growth of Bahrain's SME sector. The Central Bank of Bahrain has issued regulations for crowdfunding businesses as the sector gains in popularity.
Bahrain also wants to increase the contribution of SMEs to the national economy as it looks to raise GDP and lower public debt. Making technology-related financial services solutions available to start-ups is a key part of this, said Sattam Al Gosaibi, group chief executive of Bahrain Development Bank.
“Technology will change the face of so many industries and Bahrain is taking a lead in this with the establishment of the Bahrain ‘Fintech Bay’ [a new incubator for fintech start-ups,” he said.
“We see Algo as a collaborative initiative that seeks to leverage on Bahrain’s status as a fintech hub to extend technology-related banking solutions to the start-up and SME ecosystem.”
Bahrain-based Finocracy, an organisation that works alongside Islamic banks and financial institutions to implement fintech platforms, is advising on the set-up of Algo Bahrain.
"The banking sector as a whole lacks information and data, and we cannot expand without this," said Adnan Yousif, president and chief executive of Al Baraka Banking Group.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
COMPANY%20PROFILE
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How it works
Each player begins with one of the great empires of history, from Julius Caesar's Rome to Ramses of Egypt, spread over Europe and the Middle East.
Round by round, the player expands their empire. The more land they have, the more money they can take from their coffers for each go.
As unruled land and soldiers are acquired, players must feed them. When a player comes up against land held by another army, they can choose to battle for supremacy.
A dice-based battle system is used and players can get the edge on their enemy with by deploying a renowned hero on the battlefield.
Players that lose battles and land will find their coffers dwindle and troops go hungry. The end goal? Global domination of course.
Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.
A semen analysis of the father showed abnormal sperm so the couple required IVF.
Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.
A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.
On day three of the process, 14 embryos were biopsied for gender selection.
The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.
Day five of the treatment saw two male embryos transferred to the patient.
The woman recorded a positive pregnancy test two weeks later.
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%3Cp%3EEncourage%20innovation%20in%20the%20metaverse%20field%20and%20boost%20economic%20contribution%3C%2Fp%3E%0A%3Cp%3EDevelop%20outstanding%20talents%20through%20education%20and%20training%3C%2Fp%3E%0A%3Cp%3EDevelop%20applications%20and%20the%20way%20they%20are%20used%20in%20Dubai's%20government%20institutions%3C%2Fp%3E%0A%3Cp%3EAdopt%2C%20expand%20and%20promote%20secure%20platforms%20globally%3C%2Fp%3E%0A%3Cp%3EDevelop%20the%20infrastructure%20and%20regulations%3C%2Fp%3E%0A
Key fixtures from January 5-7
Watford v Bristol City
Liverpool v Everton
Brighton v Crystal Palace
Bournemouth v AFC Fylde or Wigan
Coventry v Stoke City
Nottingham Forest v Arsenal
Manchester United v Derby
Forest Green or Exeter v West Brom
Tottenham v AFC Wimbledon
Fleetwood or Hereford v Leicester City
Manchester City v Burnley
Shrewsbury v West Ham United
Wolves v Swansea City
Newcastle United v Luton Town
Fulham v Southampton
Norwich City v Chelsea
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
COMPANY%20PROFILE%20
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Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Another way to earn air miles
In addition to the Emirates and Etihad programmes, there is the Air Miles Middle East card, which offers members the ability to choose any airline, has no black-out dates and no restrictions on seat availability. Air Miles is linked up to HSBC credit cards and can also be earned through retail partners such as Spinneys, Sharaf DG and The Toy Store.
An Emirates Dubai-London round-trip ticket costs 180,000 miles on the Air Miles website. But customers earn these ‘miles’ at a much faster rate than airline miles. Adidas offers two air miles per Dh1 spent. Air Miles has partnerships with websites as well, so booking.com and agoda.com offer three miles per Dh1 spent.
“If you use your HSBC credit card when shopping at our partners, you are able to earn Air Miles twice which will mean you can get that flight reward faster and for less spend,” says Paul Lacey, the managing director for Europe, Middle East and India for Aimia, which owns and operates Air Miles Middle East.
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
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