Khaleeji Commercial Bank, one of the leading Islamic banks in Bahrain, has officially unveiled its new identity ‘Khaleeji’, which seeks to translate its ambitious vision to lead the Islamic banking sector in Bahrain and the region.

 

At a well-attended ceremony held under the patronage of Rasheed Mohamed Al Maraj, Governor of the Central Bank of Bahrain the bank said it new identity is grounded in three fundamental principles; respect, confidence, and dynamism. These values reflect years of experience and desire to lead not only in the kingdom, but all over the region.  

 

This new identity also embodies the bank’s constant endeavour to reach wider horizons of success and prosperity as a partner to clients in their ambitions and achievements, and to fulfil their aspirations through the launch of a wide range of innovative and reliable banking services and products that are designed specifically to meet their needs.

 

New era

Hisham Alrayes, Chairman of Khaleeji, said: "With this launch, we begin a new era in the bank's journey to keep pace with the trends and developments witnessed by the banking sector not only in the kingdom but also globally. Our new identity is an extension of our ambitious strategic vision, which have been developed to pave the path for implementing our future plans. 

 

“We are filled with enthusiasm to continue our journey towards the future we aspire to. We are dedicated to pursuing continuous development to provide banking excellence to our valued clients. Since the inception of our bank, our vision has always been unique. For almost two decades, we have invested in launching prominent initiatives that reflect our Bahraini identity that is derived from the Arabian Gulf, on our work. We remain committed to supporting the comprehensive development process of Bahrain and contributing to achieving the goals of its Economic Vision 2030.”

 

He added: “Our forward-thinking approach to business drives us to pursue even greater success. The banking sector in Bahrain offers tremendous opportunities, and we firmly believe that Khaleeji has a bright future ahead. We aim to establish a robust brand identity in the next stage, by relying on our unique values and distinctive vision.”

 

Ambitious beginnings 

Sattam Silaiman Algosaibi, CEO of Khaleeji, emphasised the bank's foundation as an investment bank, which later transitioned into a commercial bank, joining an industry that has been established for over a century in Bahrain. 

 

"The launch of Khaleeji Commercial Bank also coincided with the growth of the banking sector, which played an active role in the kingdom's cultural renaissance under the leadership of His Majesty King Hamad bin Isa Al Khalifa, the King of the Kingdom of Bahrain, and the support of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister," he said. 

He added: "With the acceleration of investment in the kingdom, banks have become a crucial driver of economic growth in this sector. The government of Bahrain, through the Central Bank of Bahrain, has taken keen interest to play a significant role in shaping and regulating the industry. 

 

“This has created a safe and stimulating environment for all, leading to the sector's growth and making Bahrain a hub for this industry. Adopting the best global practices has attracted many financial institutions and banks. As a result, the sector now contributes 19% to the GDP and provides 14,000 jobs.”

 

Looking ahead

In his speech Algosaibi stated: "We realised several years ago (specifically in 2018) the necessity of reassessing the bank's business model and performance efficiency, considering the changing market requirements. We developed a new strategy consisting of stages and objectives, the first of which was digital transformation. We wanted to be able to provide our services through various technology platforms, while still allowing clients the option of personal communication if they wished."

 

Algosaibi continued: “This approach comes in line with the relentless directives of the Central Bank of Bahrain to invest in infrastructure and technical requirements. From there, our new journey began with utilising the outputs of the Central Bank of Bahrain's regulatory sandbox. We were the first to meet the requirements and fully embrace the concept of open banking. 

 

“Despite the global pandemic, we continued to innovate and launched digital services such as self-service machines that operate with biometric identification, a state-of-the-art mobile app, and mobile smart devices for our employees, enabling them to offer paperless services to our clients inside and outside branches. These initiatives have increased the productivity of our branches, allowing us to maintain our high level of service despite reducing our number of branches.” 

 

Important strategic partnerships

He said: “This success has been a driving force for us to seek and enter into strategic partnerships that improve our ability to reach clients through different means. Our partnership with stc was the next step, through which we were jointly able through the stc Pay app to reach a large segment of underbanked customers. I would like to thank everyone who supported and encouraged our digital transformation endeavours such as the Information & eGovernment Authority, stc, BENEFIT, Tarabut Gatewat and Ryalize.”

 

Assets quality 

Furthermore, Algosaibi addressed the quality of the bank’s assets during his speech, saying: “The bank adopted a conservative credit philosophy through which we focused on the quality of funds, as they were directed to vital and significant projects, as well as companies with high solvency and credit rating.

 

"This is in addition to increasing the percentage of financing and sovereign Sukuk in the bank’s balance sheet to more than 35% of the total assets. We also worked to grow the portfolio of financing individuals, given that it is the least risky in the long run, and financing social housing ‘Mazaya’ with the support of the Ministry of Housing and Urban Planning and Eskan Bank. Additionally, the bank, with the backing of Tamkeen, successfully sustained its support directed towards Small and Medium Enterprises.”

 

97% Bahrainisation 

Algosaibi also shed light on the bank's interest in human development, stating: "Investing in human capital has been one of our primary objectives since inception. The bank focused on developing human resources, attracting the best talent, and fostering a work environment that stimulates learning and growth. As a result, the bank now boasts a Bahraini staff of 97%, with 20 Bahraini department heads out of 21 departments, and women representation exceeding 30%.” 

 

He said: “The bank has also launched the ‘Banking Gateway’ programme to train fresh graduates for six months and prepare them for employment in the Bank or other financial institutions. These initiatives have been remarkably successful, and the Bank is now ready to share its well-crafted model with other organisations in Bahrain and beyond.”-- TradeArabia News Service