Bahrain’s Khaleeji Bank signs MoU with Social Insurance Organization

By Arya M Nair, Official Reporter
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Khaleeji Bank_SIO partnership
Rep.Image (Courtesy: Khaleeji Bank)

Khaleeji Bank, one of the leading Islamic banks in the Kingdom of Bahrain, has signed a Memorandum of Understanding (MoU) with the Social Insurance Organization (SIO).

The strategic partnership aims at providing a variety of innovative banking services and products that meet the aspirations of its customers.

The MoU seeks to strengthen the partnership between the two parties to facilitate the provision of the pension exchange service to citizens under the Organization’s umbrella, in compliance with the provisions of the Islamic Shari’a.

The signing ceremony took place at the SIO headquarters in the diplomatic area in Manama, where Mr. Sattam Sulaiman Algosaibi, Chief Executive Officer of Khaleeji Bank, signed the agreement on behalf of the Bank, while Ms. Eman Mustafa Al Murbati, Chief Executive Officer of SIO, signed the agreement for the Organization, in the presence of a number of officials from both sides.

It is noteworthy that the signed MoU aims to enable the Bank to finance the provision of the pension exchange service provided by SIO to its customers, in line with the terms and conditions of Islamic Shari’a. The agreement will enter into force at the beginning of next October, to contribute to the provision of distinguished financial solutions to SIO customers.

Sattam Sulaiman Algosaibi_Khaleeji Bank_SIO partnership
Sattam Sulaiman Algosaibi
CEO – Khaleeji Bank

“We are delighted at Khaleeji Bank to sign this memorandum with the Social Insurance Organization, in line with our visions and aspirations aimed at expanding our partnership with leading institutions in society, especially institutions that are as important as the Organization, which is considered one of the key public bodies in society. This collaboration will allow the provision of a distinctive service to customers of the social insurance system to seamlessly access the pension replacement service.”

Khaleeji is a leading Islamic bank that strives to achieve clients’ aspirations through an Islamic banking model that offers a comprehensive range of high-quality Shari’a-complaint banking services and investment opportunities to individuals and companies.

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