The Central Bank of Bahrain (“CBB”) launched the Bahrain Open Banking Framework (Bahrain OBF) to ensure holistic implementation of Open Banking services by the industry. This framework includes detailed operational guidelines, security standards and guidelines, customer experience guidelines, technical open Application Programming Interface (API) specifications and the overall governance framework needed to protect customer data. These standards follow the comprehensive rules on Open Banking which were previously issued in December 2018.
Aluminum Bahrain (Alba) has posted a net income of BD43.3 million ($115.2 million) for the first half of 2017 versus BD20.5 million ($54.5 million) for the same period in 2016, marking an increase of 111 per cent.
On the back of an improved overall performance and increased customer deposits, the Bank announced strong results for the first half of 2017, declaring a net profit of AED 387 million.
Kuwait Finance House (KFH) is looking to merge with Bahrain’s Ahli United Bank, Kuwait’s biggest Islamic lender said in a statement, confirming an earlier media report.
Qatar Islamic Bank (QIB) was hit by a 6.9 billion riyals ($1.9 billion) deposit outflow in the second quarter, which analysts said could be linked to Qatar’s rift with Saudi Arabia, the United Arab Emirates, Bahrain and Egypt.
GFH Financial Group (GFH) announced that Fitch Ratings, the international credit rating agency, has upgraded its long-term Issuer default rating (IDR) from ‘B-‘ to ‘B’ with a positive outlook.
Pakistan’s central bank has issued guidelines covering how banks that want to be fully-fledged sharia compliant can achieve that status, setting a three-year time frame for applicants to complete the process.