12 hours ago
Al Baraka integrates faith and fintech
TDT | Manama
Al Baraka Islamic Bank is demonstrating that Islamic finance can deliver cutting-edge performance, earning global praise for its seamless USD payment processing while staying true to Sharia principles.
The Bahrain-based bank has received the Straight-Through-Processing (STP) Award from The Bank of New York Mellon (BNY), a leading global financial services firm. The award recognises institutions with highly automated and accurate cross-border payment systems, validating Al Baraka's ability to blend ethical banking with digital sophistication.
Global validation
BNY grants the STP Award to financial institutions that meet the highest benchmarks in straight-through-processing of payments, meaning transactions completed without manual intervention. The award was presented by Salman Alhashimi, Head of MEA NBFIs and Deputy Head of the GCC Region at BNY, to Dr. Adel Abdullah Salem, CEO of Al Baraka Islamic Bank, in the presence of Hussain Yousif Atiya, Chief Corporate and Institutional Banking Officer.
'We are proud to receive this recognition from BNY, which reflects our continued focus on operational excellence and innovation in financial services,' said Dr. Salem. 'It is the result of our ongoing investment in digital infrastructure and our commitment to delivering efficient and reliable banking experiences to our clients.'
Ethical meets efficient
Atiya added, 'This award underscores the competence of our teams and their dedication to providing solutions that meet the highest standards for international banking and executing global payments. We're well poised to expand our offering of digital banking services to corporate and financial institution clients.'
Al Baraka's achievement challenges assumptions that Islamic banks may lag in technological adoption due to Sharia governance frameworks. On the contrary, the bank's systems are not only compliant but also competitive, proving that religious values and world-class fintech can coexist.
