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Press Release Press Release For immediate release Saturday 7 January 2017 Bahrain industry leaders partner to launch first of its kind mobile payment service Manama, Bahrain: Ithmaar Bank, a Bahrain-based Islamic retail bank, signed a Memorandum of Understanding with Batelco, Bahrain’s leading telecom provider, and Arab Financial Services (AFS), one of the region’s leading electronic payments outsourcing service providers, to launch the Kingdom’s first ever mobile payment service. The official launch of this newly introduced service will take place on Thursday 12th of January 2017 at 5pm in Seef Mall, Manama. The new service uses secure Near Field Communication (NFC) tags to eliminate the need for cash or cards by allowing customers to shop simply by tapping their mobile phones at the checkout counters of participating merchants. The launch marks a key milestone for the Bahrain retail market, potentially revolutionising customer shopping experiences with secure, real-time payments now possible directly from their mobile phone. To use the new service, customers need to subscribe for an Ithmaar Bank prepaid eCard at their nearest Batelco shop or Ithmaar Bank branches and receive their NFC tags, which can then be used at participating merchants. Batelco Bahrain CEO Eng. Muna Al Hashemi stressed on the new service translating Batelco’s drive to introduce the best-in-class digital solutions using cutting-edge technology. “Batelco has continuously embedded innovation as a central to its strategy with the aim of delivering first class customer experience. This new service is a step forward towards this aim, opening exciting opportunities in the future as technology, digital banking and customers’ needs continue to evolve,” she added. “Mobile customers can now enjoy a hassle-free transaction at the partnered retail outlets through this convenient and reliable service.” She added. Ithmaar Bank Chief Executive Officer, Ahmed Abdul Rahim, said the new service builds on the Bank’s history of innovation and its commitment to offering customers a premium Islamic banking experience. “Ithmaar Bank played a pioneering role in the establishment and subsequent development of Islamic banking in the region,” said Abdul Rahim. “We developed this new service with AFS, the technology provider, in line with our long-standing commitment to continuously improving our products and services, and are pleased to be partnering with Batelco to help make this innovative service available to as many people as possible,” he said. Arab Financial Services CEO B Chandrasekhar commented, “AFS has been a leader in providing innovative payment services in MENA region for over three decades. We are proud to launch the first of its kind NFC enabled mobile payments solution in Bahrain and are delighted to partner with Batelco and Ithmaar Bank for this service. We have plans to introduce more innovative products to create an enhanced customer experience.” Captions: From left Ithmaar Bank Chief Executive Officer, Ahmed Abdul Rahim, Batelco Bahrain CEO Eng. Muna Al Hashemi, Arab Financial Services CEO B Chandrasekhar commented -Ends- Batelco: This press release has been issued by Batelco Corporate Affairs department. For further information, please contact Batelco Public Relations Office at [email protected] / Fax +973 17611898. Ithmaar Bank: For further information about Ithmaar Bank, please call the Ithmaar Bank Marketing and Corporate Communications Office on +973 17584038 or email [email protected] AFS: For further information about AFS and to become a participating merchant in the program, please call AFS Strategy Management Office on +973 17299718 or email [email protected] About Batelco Batelco Group is headquartered in the Kingdom of Bahrain and listed on the Bahrain Bourse. Batelco has played a pivotal role in the country's development as a major communications hub and today is the leading integrated communications’ provider, continuing to lead and shape the local consumer market and the enterprise ICT market. Batelco has been growing overseas via investing in other market-leading fixed and wireless operators. Batelco Group has evolved from being a regional Middle Eastern operation to become a major communications company with direct and indirect investments across 14 geographies, namely Bahrain, Jordan, Kuwait, Saudi Arabia, Yemen, Egypt, Guernsey, Jersey, Isle of Man, Maldives, Diego Garcia, St. Helena, Ascension Island and the Falkland Islands. www.batelco.com www.batelcogroup.com About Ithmaar Bank Ithmaar Bank B.S.C. (closed) (“Ithmaar Bank”) is a Bahrain-based Islamic retail bank that is licensed and regulated by the Central Bank of Bahrain and provides retail, commercial, treasury & financial institutions and other banking services. Ithmaar Bank is a wholly-owned subsidiary of Ithmaar Holding B.S.C. (formerly Ithmaar Bank B.S.C.) which is listed on the Bahrain Bourse and Boursa Kuwait. Ithmaar Bank provides a diverse range of Sharia-compliant products and services that cater to the financing and investment needs of individuals and institutions. Ithmaar also maintains a presence in overseas markets through its subsidiary, Faysal Bank Limited (Pakistan). www.ithmaarbank.com About AFS AFS is the leading provider of electronic payments outsourcing services in the MENA region for over 30 years. Owned by 40 banks and financial institutions and regulated by the Central Bank of Bahrain, AFS offers innovative and end-to-end payment solutions to more than 65 clients in 17 countries along with state-of- the-art value added services suite. For more information, please visit www.afs.com.bh .
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