Ithmaar Bank, a Bahrain-based Islamic retail bank, is set to introduce a biometric payment network that will enable its customers carry out various financial transactions.
The new platform, developed by Eazy Financial Services, utilises the fingerprint of customers, along with their individual PIN, to process transactions.
Once implemented, the customers will not be required to carry their bank cards for payments and other financial operations.
In future, the service is also expected to include points-of-sale.
Ithmaar Bank CEO Ahmed Abdul Rahim said: “As part of our Digital Strategy, we continue to invest heavily in technology that provides our customers a more convenient, simpler and more secure way to conduct their financial transactions.
“Our customers are tech-savvy and expect friction-less access to banking services – and the introduction of biometrics is another major step that direction.
“We are leading the financial industry with this new, tangible solution which is a real-time example of how we put innovation and our customers at the forefront of everything we do.”
The new payment solution is developed on an Automated Fingerprint Identification System (AFIS), which is said to have been deployed in multiple countries for civil and forensic applications.
Eazy Financial Services CEO Khaled Al Ahli said: “Payments stand out as the single largest driver for the biometrics market. We are driving biometric verification in the region, which is the future of the financial industry.”
The biometric payment network implementation process is supported by labour fund Tamkeen, Bahrain Economic Development Board and Central Bank of Bahrain.
The platform is expected to be rolled out in phases starting from the first quarter of 2019.