Bahrain Islamic Bank Launches Innovative Supply Chain Finance Solution

Bahrain Islamic Bank (BisB) has partnered with Cork Information Technology to introduce an innovative Supply Chain Finance (SCF) solution for its corporate clients, including small and medium-sized enterprises (SMEs) and suppliers. This new digital product is designed to enhance collaboration between buyers and suppliers, offering a range of financing tools and risk-mitigation capabilities for efficient working capital management. The SCF solution, powered by Cork's Corklinc SCF Platform, allows suppliers to receive early payment of invoices approved by buyers, accelerating cash flow and providing an additional financing source.

Key Takeaways:

• The SCF solution, powered by Cork's Corklinc SCF Platform, enables suppliers to receive early payment of invoices approved by buyers, accelerating cash flow and providing an additional financing source.
• The platform also enables buyers to support suppliers with financing options, improved payment terms, and various offers, enhancing working capital management and collaboration between buyers and suppliers.
• The partnership reflects BisB's commitment to supporting the SME sector and driving national economic growth, with the new product designed to enhance the Bank's ability to serve the sector and expand its commercial solutions.
• Ms. Fatema AlAlawi, Chief Executive Officer of BisB, stated that the collaboration with Cork Information Technology reflects the Bank's long-standing commitment to supporting the business community through innovative offerings.
• Mr. Hussain Khalid AlMaskati, Board Director Member of Cork Information Technology, added that the Corklinc SCF Platform has been designed in collaboration with leading banks and financial institutions, and they are confident that this partnership will contribute to delivering cutting-edge offerings tailored to serve BisB's SME clientele.
• BisB remains committed to embedding Environmental, Social and Corporate Governance (ESG) practices into the core of its operations, developing products and services that strengthen the Kingdom's SME landscape and supporting the wider ambitions of the national Economic Recovery Plan.

Statistics:

• The SCF solution is designed to support SMEs and suppliers in Bahrain, with the aim of driving national economic growth and improving working capital management.
• The Corklinc SCF Platform has been developed in collaboration with leading banks and financial institutions to provide a cutting-edge supply chain finance solution.
• BisB has launched this new digital product to enhance its ability to serve the SME sector and expand its commercial solutions, reinforcing its commitment to supporting the business community.
• 2022 - The year the partnership between Bahrain Islamic Bank and Cork Information Technology was signed, marking the launch of the SCF solution.
• Bahrain Islamic Bank has established a commitment to supporting the SME sector in the Kingdom of Bahrain through innovative offerings and collaborations.

Sources:

• Aug. 24 -- Bahrain Islamic Bank issued a press release announcing the partnership with Cork Information Technology to introduce the SCF solution.
• Bahrain Islamic Bank, the leading provider of innovative Islamic financial solutions for simplifying money matters in the Kingdom of Bahrain.
• Cork Information Technology, the provider of the Corklinc SCF Platform.