Al Baraka signs Agent Bank agreement with Eazy Financial Services to process & Settle “eazyNet™” Biometric Switch Financial Transactions

Al Baraka signs Agent Bank agreement with Eazy Financial Services to process & Settle “eazyNet™” Biometric Switch Financial Transactions

Al Baraka Islamic Bank (AIB-Bahrain), announced the signing of an Agent Bank Agreement whereas Al Baraka Islamic Bank shall operate and acts as a clearing house on behalf of “eazyNet™”.

Eazy is an established Bahraini FinTech Biometric Payment Network Company, for the provision of Biometric payment settlements that will allow eazyNet™ to settle intra Banking switching transactions between eazyNet™ Member Banks.

Moreover, Al Baraka Islamic Bank (AIB-Bahrain) has signed earlier back in May 2019 an agreement by joining “eazyNet™” Biometric Payment Network as a member in eazyNet™ to enable their customers facilitating convenient and secured biometric ATM Cash withdrawals and Biometric POS Transactions.

Through the Agent Bank Agreement, AIB-Bahrain will process and settle all eazyNet™’s financial switch transactions between eazyNet™ affiliated member banks locally and cross boarder on daily basis, AIB-Bahrain shall be assigned to operate and act on behalf of eazyNet™ to facilitate financial settlements processed by eazyNet™ Biometric Financial Switch whereby this Agreement shall give the privilege to eazyNet™ to secure and settle amounts in a seamless secured financial manner between all eazyNet™ Members as currently adapted in the Kingdom of Bahrain and internationally.

                                                                                                                                                                

Elaborating on the Bank’s strategy and partnership, Mr. Hamad Abdulla Al Oqab, the Chief Executive Officer of Al Baraka Islamic Bank - Bahrain, said: “I am pleased to announce our new partnership with Easy Financial Services Company in order to provide this advanced service that will take the Bank to a new stage in providing electronic financial services not for customers only, but also for the network’s member banks”. He added: “Over the years, Al Baraka Islamic Bank has taken the lead by providing innovative digital banking services as part of its strategy for digital transformation".

Adding to that, Mr. Nayef Tawfiq al Alawi said that assigning Al Baraka Islamic Bank as our Agent bank was prudent decision since Eazy Financial Services is located in the Kingdom of Bahrain, where also the head office of Al Baraka is taking into consideration that Al Baraka Islamic Bank also enjoys a large foot print and a geographical spread in the region which will add a valuable and trusted experience to eazy and its member banks network.

Eazy Financial Services is an Ancillary Service Provider focused on providing Biometric payment services and Network. Eazy offers Biometric payment services and innovative solutions to the banking and financial services industries by bringing a new era of secured and convenient transaction and payment experience. 

Through its state-of-the-art Biometric Payment Network, clients are empowered with a unique transaction experience by enabling biometric transactions for cash withdrawals plus ATM card PIN number, in-store payments, in-branch customer experience, identification services, merchant loyalty programs, wherever “Eazy” logo is visible and accepted over its Affiliated Network of banks and POS Machines in retails stores and others.

With its establishment in 1984 in the Kingdom of Bahrain, Al Baraka Islamic Bank B.S.C. – Bahrain has a longstanding track record of delivering excellence, innovation and superior results. The Bank ranks among the leading providers of Islamic banking products and services to its international customers and focuses primarily on developing innovative and distinguished Investment solutions in compliance with Islamic Sharia principles, supported by its a sound financial position.

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