Archives: Articles & Interviews

Commercial Bank Dubai (CBD) has a vision to be ‘default digital’ as it wants to be ahead of the advancements in mobile apps and data analytics that are changing the banking sector. Its CBD Investr robo-advisory solution is one such example, which helped it win the Most Effective Investment Service Offering at the MENA Banking Excellence Awards 2022. The CBD Investr app automates client advising and investment recommendations. It was developed in partnership with InvestSuite, a wealthtech company in Belgium, and is powered by smart algorithms that actively manage investment portfolios to deliver optimal risk adjusted performance, using real-world market data from the past 10 years.

The algorithms have been extensively back tested with data from the past decade, outperforming the market benchmarks over that time span. For instance, the High Growth portfolio, which allocates 100% of the investment to equities, has theoretically returned over 12% per annum on average over the past 10 years. The returns evidence suggests a strong performance should be achievable allowing customers to get automated maximum returns. There are four risk profiles to choose from the last decade, with their respective performances demonstrated below. Depending on the risk appetite of investors you can be:

Conservative (4.9%),
Balanced (8.2%),
seek Growth (11.3%),
or High Growth (12.2%).
and personalized portfolios of stocks, bonds and other asset classes using low-cost exchange traded funds (ETFs). These portfolios are tailored based on customer’s specific goals, risk appetite and investment time horizon and are actively monitored and optimized based on changing market conditions to deliver the best possible performance over the long term. The back tested data from the last decade shows when markets fall, as they inevitably do, the losses will be less on the app, and when they rise returns will be maximized.

Portfolios are actively monitored on a daily basis and the algorithms reallocate underlying assets when needed to optimize performance, as what worked yesterday won’t necessarily work again. The robo advisor investment platform has:

An entry level investment of $500,
An annual management fee of 1%.
Transparency in pricing with no hidden fees, or lock-in periods, plus no contractual agreements for monthly or regular investments. Customers can withdraw funds at their convenience with no withdrawal fee.

Further enhancements include a Self Investr option, which gives access to an easy-to-use digital trading experience. CBD Self Investr users can buy and sell over 8000 shares and ETFs in real-time themselves with free streaming data feeds showing live market prices. Free local transfers in Emirati Dirhams (AED) are also on offer. Customers can start trading from as low as $50 and there are no withdrawal or penalty fees.

Banque Saudi Fransi (BSF) won the Excellence in Customer Centricity category at the Middle East & North Africa (MENA) Banking Excellence Awards 2022 for their Ask Once program that is designed to enhance customer experience (CX) and ensure seamless service.

You only get one chance to make a good first impression. That is why Banque Saudi Fransi (BSF) in the Kingdom of Saudi Arabia (KSA) has designed and implemented its ‘Ask Once’ program to improve its CX since 2019.

As its name implies, the “Ask Once” Program centers on improving CX to the extent that customers would need to ask only once to get things done without any hassle. The bank identified 5 main areas that needed work on this front:

Driving cultural change: Culture must be at the core of any change towards a better customer experience. Even when employing automation, people are at every business’s front when a customer pays a visit or has a problem. The bank’s work to drive cultural change is focused on translating existing values and goals into actionable principles that guide how employees interact with customers. The Golden Rule at the core of this change is urging employees to treat customers like they would want to be treated

Listening to customers: BSF mainly use the Net Promoter Score (NPS) methodology, which relies on sharing a single question after interaction with customers and asking them how likely they would recommend the company to others. NPS has been one of the most effective methods of measuring customer feedback, with its power lying in its simplicity that makes it easily usable and trackable. The bank does not only use the NPS with customers, but also with employees, to measure their satisfaction with their work, as well as the bank’s processes they are involved with.

Gathering feedback and acting on it: Using the power of a customer experience management platform, surveys are customized and shared periodically with customers, social media listening data is actively tracked and analyzed, and reports with KPIs ads are created, shared, and discussed to create action plans for the next enhancements. To guarantee the transparency and effectiveness of all these efforts, external research companies assess the CX performance of the bank.

Additionally, mystery shopping is used with various branches through undetectable schemes. Improving survey response rates is one of the highest priorities the bank has set with this strategy, as higher response rates mean more data and highly reliable insights. Achieving this is not easy, as survey fatigue needs to be resolved in many ways, including the way surveys are sent to various customers, customized messages to every customer, and perfect timing to ask for feedback.

Training employees: To ensure new joiners are properly onboarded, and existing employees are effectively working as planned, several training programs were launched to serve the “Ask Once” program goals. The training programs cover call back, huddle, and root cause methodologies, as well as other customer experience best practices. Next, the bank is planning to collaborate with companies offering the best customer experiences in the world to bring their expertise into the bank and the customer experience on all levels.

Governance above all: Leading all these efforts and changes without governance can never lead to a consistent service level or goal achievement in the long term. BSF recognized this and made governance a major change driver. A huge effort was put into translating the goals of the “Ask Once” program into strict policies, clear guidelines, and efficient documented processes. As customer experience metrics including NPS are analyzed, action plans are created while ensuring their alignment with the bank’s strategy.

The CX Committee, formed in light of the transformation program, is held periodically and led by the Chief Executive Officer of the bank, with the main goal of ensuring the CX strategy and its results are aligned with the company’s strategy Raising the standards of customer experience and translating them into actions that are documented and governed is how a real customer experience strategy or transformation program can be executed and sustained. Focusing on employee experience is also essential, as BSF strongly believe that highly engaged employees, working in the right environment, can deliver a differentiated experience to their customers.

Qatar Islamic Bank (QIB) received 4 awards from the Middle East Economic Digest (MEED) MENA Banking Excellence Awards 2022 in recognition of its outstanding performance across retail and digital banking for the MENA region.

With its comprehensive customer offering and focus on optimizing and digitizing its banking operations, QIB was named ‘MENA Retail Bank of the Year’, ‘Best Retail Bank in Qatar’, ‘Best App for Customer Experience in the MENA region’, and ‘Excellence in Mobile Banking in the MENA region’ at the MENA Banking Excellence Awards 2022. The awards reflect QIB’s excellence in providing the most innovative banking services in the market and are a testament to its leading contribution to reshaping the banking scene in Qatar and beyond through seamless digital solutions and services that meet all customers’ banking needs.

QIB has launched an all-new version of its award-winning Mobile App. Creating a simplified and more engaging user experience, the App adopts a convenient approach with enhanced navigation to enable full and easy access to the Bank’s digital services, 24/7 and from anywhere in the world. The App has also seen the introduction of major functionalities, bringing many new banking services for the first time to Qatar including Dark Mode and Discreet Mode which al-lows customers to hide their account and card balances, deposits, and financial details when using the QIB Mobile App in public spaces.

Taking digital banking a step further, QIB implements the latest technologies in its operations to ensure an end-to-end digital experience for its customers. The bank leverages new technologies allowing customers to perform all their banking transactions from anywhere in the world. Whether starting a new relationship with QIB, getting financing, or issuing a credit card in a few minutes, QIB’s digitalization program and the revamp of the Mobile App gives customers full control and more flexibility to perform their banking needs remotely.

QIB is the first bank in Qatar to introduce a digital Instant Credit Card solution via its Mobile App, and the first in Qatar to launch Visa Direct for customers to transfer funds instantly to over 30 countries in the MENA Region, Europe, and Asia.

Moreover, QIB upgraded its banking experiences for new customers with the launch of the Digital Onboarding process, allowing prospective customers to start a relationship with the bank by opening their accounts in a fast, simple, and convenient way.

In addition, the Bank has introduced Zaki, which means smart in Arabic, the virtual assistant chatbot powered by artificial intelligence (AI) allowing conversations and help to be automated and machine learning (ML) algorithms driving constant service improvements and CX-focused personalization. The virtual assistant allows users to interact with the bank 24×7 in a much more efficient manner.

QIB’s digitalization drive spans to its branches also, with new multifunctional ATMs and interactive teller machines; improved call center operations that link across channels; and better integration as offline and online experiences merge Commenting on this recognition, Mr. D. Anand, QIB’s General Manager – Personal Banking Group said: “We are pleased to receive four prestigious awards from the reputable MEED publication in recognition of our retail and digital transformation efforts. These awards are a testament to our commitment towards innovation and customer centricity. Keeping customers’ needs at the core of our strategy, we are determined to strengthen our position as a leader in digital transformation in Qatar and across the region.”

Commercial International Bank (CIB) won MENA Sustainable Bank of the Year at the virtual Middle East & North Africa Banking Excellence Awards 2022 for its long-standing support for sustainable finance via green and solar loans and the global Environmental, Social, and Governance (ESG) agenda. It is the first bank in Egypt, which will host the UN COP27 climate change conference in November, to issue a corporate green bond.

Even CIB’s new headquarters is green adhering to the International Finance Corporation’s (IFC) Excellence in Design for Greater Efficiencies (EDGE) building certificate, which denotes a resource efficient building. It saves energy consumption by 41.7% and water consumption by 29.7% compared to its predecessor, and there has been an additional saving in material usage by 25.2%.

The EDGE registration was progressed using the green bond proceeds that were eligible for the project. In June 2021, CIB opened subscriptions for Egypt’s first ever green bond to be issued in the local market, after getting approval from the local Financial Regulatory Authority (FRA).

Corporate green bond

The private placement is valued at US$100 million in noncallable fixed rate bonds. In addition to subscribing to the bond the IFC provided technical advisory support to CIB, helping the bank to develop an additional pipeline of industrial energy efficient and green building transactions. Technical assistance is provided to CIB’s clients, helping them to also adopt low-cost and eco-friendly building solutions, and to participate in IFC’s EDGE certification program for green buildings.

An Egyptian University building has joined the program, saving 155 Gwh/year in energy consumption and water consumption by 5,934m3/year. Carbon emissions will fall by 66tCo2/year. There is also a bakery line that save 21% in energy and 46.5 tons of carbon dioxide (CO2) thanks to the installation of new technology funded via the green bond.

Green bond proceeds align with several UN Sustainable Development Goals (SDGs) that are also in alignment with CIB’s own internal sustainability strategy. Proceeds must support:
SDG 6: Clean Water and Sanitation
SDG 7: Affordable and Clean Energy
SDG 9: Industry, Innovation, and Infrastructure
SDG 11: Sustainable Cities and Communities
SDG 13: Climate Action.

CIB has a number of its own Sustainable Finance products aimed at its clients, including:

Green Loan: the CIB Green Credit Line supports corporate customers who want to achieve economic growth through environmentally targeted projects and practices. The loan is provided by CIB’s funds at a preferential interest rate and is focused on energy efficiency and renewable energy projects, although any projects that provide evidence of positive environmental impact are considered.

Retail Solar Loan: CIB offers retail customers a solar loan with special financing to buy and install solar panels. Developed in cooperation with several of the world’s leading solar energy organizations, the product is already exhibiting competitive return rates. It comes with a flexible repayment plan of up to five years and helps those wanting to pursue their own green agenda.

Egyptian Pollution Abatement Program (EPAP): this supports the conversion and/or expansion in pollution abatement, energy efficiency, industrial waste management, cleaner production or resource efficiency in Egypt. The bank happily funds projects that cut pollution.
Environmental Compliance Office Finance Program: this supports industrial plants that promote cleaner technology for energy saving, pollution prevention and resource efficiency.

An Agribusiness Development Program also offers subsidized agricultural development support aimed at modernizing the Egyptian agricultural sector.

Net Zero Banking Alliance

CIB became a founding signatory of NZBA in 2021. It brought together an initial cohort of 43 of the world’s biggest banks with a focus on delivering the banking sector’s ambition to align its climate change commitments with the Paris Agreement goals set out under the auspices of the UN.

With this in mind, CIB committed itself to supporting the transition of the operational and attributable greenhouse gas (GHG) emissions from its lending and investment portfolios to achieve net zero by 2050 or sooner. CIB was appointed to represent Africa on the NZBA Steering Group and is an active member.

The bank has also committed itself to including the Sustainability Accounting Standards Board (SASB) Disclosures in its annual report in this area to improve transparency and alignment with internal reporting norms in this area. Another reporting innovation concerns its use of the Comprehensive Principles for Responsible Banking (PRB) Impact Assessment Report protocol. The bank looks at its portfolio each year using this methodology.

Policy parameters

The Sustainable Finance policy at CIB defines and sets a comprehensive framework for the bank. It translates its Environmental, Social, and Governance (ESG) commitments into achieving long-term value creation for all stakeholders and instills a governance framework to monitor proper implementation. It is applicable to all departments, functions, and lines of business, which must adhere to it.

The internal policy has been developed in alignment with national, regional, and international agreements, goals, and standards concerning sustainability, as evidenced by the use of UN Sustainable Development Goals for proceeds from the corporate green bond issued in Egypt.

The scope of the bank’s internal policy covers environmental & social risk management (ESRM), sustainable finance, and its own operational footprint, for which a report and amelioration procedures has been produced.

CIB’s ESRM system has been in place since 2016, illustrating its long-standing commitment in this area. Its sustainable finance options, outlined above, provide clients with the necessary tools and products to aid their own transition to a more responsibly profitable economic model. The credit risk element aligns with all relevant Egyptian laws, IFC performance standards, and the European Bank for Reconstruction and Development (EBRD) performance standards.

There is even a Sustainable Finance Academy, funded by the bank, to help its employees, clients and peers understand the importance of the ESG agenda for future business growth and societal and environmental well-being.

The National Bank of Bahrain (NBB) was awarded the Best Retail Bank in Bahrain at the Middle East & North Africa (MENA) Banking Excellence Awards 2022 in recognition of its strides in exclusive retail services and digital transformation. Following the success of its revamped digital banking app last year, NBB successfully attracted new customers and was able to migrate thousands of users to the new app.

In line with the bank’s promise to being ‘Closer to You’, NBB has undergone a digital transformation journey with its new retail banking app offering its customers digital on-boarding with facilitated account registration and state-of-the-art services. With a variety of services at hand, NBB witnessed a 40% increase in the app’s base as a result of its product line-up and new features like Apply Pay, virtual cards and enhanced security. NBB’s flagship savings scheme, Al Watani Savings, underwent a revamp with attractive year-long prizes encouraging a culture of saving amongst its customer base.

With the support of in-branch ambassadors to help customers understand the new functions accessible via the new banking app and the provision of revamped branches with more Automated & Interactive Teller Machines (A/ITMs) and bulk Cash Deposit Machines (CDMs), NBB ensures that the customer is always well catered for and supported in their uptake of digital services. Customers also have access to electronic e-Wallet cash withdrawal facilities and ATM vans to serve remote communities.

A new strategy focusing on innovation and digital adoption fosters the release of new products. Some examples at NBB include:
Solar loans via partnerships with local organizations that provide a platform to buy panels.
Auto loans with special rates for hybrid / electric vehicles.
Home finance & equity loans, including Mazaya and joint social housing finances.
Educational loans: preferential rates for kindergarten up to higher education are available in conjunction with a number of established learning institutes in the Kingdom of Bahrain.
Al Watani Savings: NBB’s flagship savings scheme was revamped with attractive year-long cash prizes to reward those who are saving and encourage more people to leave their deposits with the bank.

Digital banking is the emphasis at NBB, while digital adoption has grown by 40%, plus:
Retail digital banking acquired 40% of new-to-bank retail customers in 2021.
Digital also supported the increase of the banks average account opening by +23% in YE2021 in comparison to the YE2020.
Digital has acquired +22% of new-to-bank deposits in 2021.

Some of the new features on the digital banking app unveiled last year include Apple Pay, plus:
Instant credit & debit card issuance: thanks to the new digital services available, which also support smoother account opening options via the aforementioned digital on-boarding capabilities.

Enhanced security: on customer cards thanks to dynamic transaction authentication via the use of one-time passwords (OTPs) and profile updates with address, email, mobile, passport and other details now becoming easily admittable powering on-boarding and dynamic checks.
Virtual cards: with tokenization technology and near-field communication (NFC) users can tap and pay with their smartphone, or their physical card if they haven’t gone fully virtual yet. Expired smart cards can be easily updated now as well
The upgrades at NBB include two Platinum MasterCard products for the bank’s premium and prestige clients, alongside personal cards with NFC contactless functionality, and Visa elite Infinite premium equivalents with the Visa Signature security feature also available. The majority of transactions recorded at NBB are now online or mobile based in nature. The bank is well set to meet this challenge and benefit from it via various refreshed reward programs with local retail partners, especially in regard to the SaveWave child and youth account. This will ensure the next generation of customers are on board to take advantage of the next generation of services that are being developed at NBB.

More digital services for everyone, and specific tools for millennials such as its enhanced smartphone-only Liv fully digital bank, helped Emirates NBD (ENBD) win Best Retail Bank: UAE at the recent MENA Banking Excellence Awards 2022. The use of analytics on anti-money laundering (AML) duties won it Best Application of Data Analytics, while its tech-savvy status was confirmed by its Best Social Media Marketing Campaign win.

The social marketing trophy was awarded for ENBD’s SaveWinDrive promotion, which celebrated the United Arab Emirates (UAE) national day on 2 December 2021 marking 50 years since the Emirates were founded in 1971. For this Golden Jubilee a special edition Mercedes car, only 50 of which were made, was offered to three savers at the bank.

The #PeopleWithoutLimits empowerment program was also noteworthy as it highlighted the diverse global community that has built Dubai in the UAE over the last 50 years by thinking positively, training and empowering themselves. This attitude has built the world’s tallest building in Dubai, the 2020 Expo fair park, and much else besides.

Additionally, ENBD’s #FastWithFriends project uses influencers on Facebook, Instagram, Twitter and TikTok, to encourage social cohesion and understanding during the muslim holy month of Ramadan. It encourages nonmuslims in the diverse Dubai community, which has 8.84 million ex-pats, to join the fast or at least be aware and respectful of it. Different rush hour timings, sometimes shorter work times, tired and hungry people who can only eat at night and so on, are all noticeable impacts of Ramadan. #FastWithFriends seeks understanding, while also soliciting donations to the Al Jalila children’s hospital from the 1,150 non-muslims who decided to join the fast – as one of the main tenants of Ramadan is to do good. AED 500,000 Emirati Dirhams (US$136,147) resulted. The campaign reached 10 million people.

Data analytics win

ENBD won the Best Application of Data Analytics trophy at the MENA Banking Excellence Awards 2022 because of the quantitative scorecards they developed in the anti-money laundering (AML) field covering application and behavior, which classify customers into high, medium, or low risk. High risk customers are identified sooner, reducing false positives and expensive manual interventions are only deployed when necessary. The model has been validated by KPMG and turned into a whitepaper. It complies with all relevant AML guidelines from the Central Bank of the UAE (CBUAE), which state that “large FIs may elect to assess customer risk by using more sophisticated scorecards”.

Implementation has saved the bank AED8.9 million Emirati Dirhams (US$2.42m) and cut false positives as it more accurately identifies bad customers and better targets the use of manual interventions. Other benefits include:
Reduced reputational risk, as fines from increasingly strict regulators and bad publicity are now less likely.
Enhanced comprehensive risk oversight and mitigation procedures.
Fewer correspondent bank alerts, as strong onboarding and monitoring of transactions, portfolios and behavior cut false alerts.
Improved customer experience (CX), as good customers are bothered less and don’t suffer overdue delays
The solution uses data from various systems collated and analyzed to design a statistical scoring framework that addresses the risk assessment requirements identified at different stages of the compliance lifecycle, spanning onboarding, portfolio and transaction risk behaviors. These are split into specific scorecards, covering: Application & Behavior.

Future plans from the analytics team rewarded with the trophy at ENBD include developing a dedicated data warehouse that can centralize all data automatically from different source systems to give a better single view and single version of customer level data. Various stakeholders will be tapped, such as internal structured data from the bank, credit information and external unstructured social media or other sources. This will further improve the quality and consistency of the data used to detect AML threats and further refine the models’ behavior and customer monitoring activities.

Retail revolution in consumer banking

Emirates NBD has already extensively digitized its retail bank offering, with digital loans, cards and wealth applications, videocalls, increased online transfer limits, mobile functionality, and email based sign-up procedures for an online platform aimed at for Small-to-Medium Sized Enterprise (SME) clients, among many noteworthy initiatives. The introduction of ‘Smart Pass’, a new soft token-based authentication service has also increased security and convenience, and further encouraged digital uptake.

ENBD now records 96% of its transactions as digital only, plus:
80% of individual customers are digitally active on a monthly basis (mobile & online).
The vast majority of this figure favor mobile banking (95%), proving the success of the bank’s mobile-first strategy. A recent example is the launch of a limited-edition prepaid card, in partnership with MasterCard, for the Expo 2020 in Dubai accessible only on the dedicated Joyn mobile app from ENBD.

A digital identity verification feature on the enhanced mobile account opening service at ENBD has already led to 24% choosing this channel to on-board and open an account with the bank. Further enhancements, and reasons for its Best Retail Bank: UAE win, are its Liv smartphone bank for millennials which now has almost 100,000 customers and rising, an extension into the Saudi Arabian marketplace, and new options – namely:
Liv Prime: a membership program that offers premium lifestyle benefits.
Liv Credit Card: on a smartphone allows users to switch between different reward programs and easily access benefits.
Liv Young: a child’s mobile account that is opened and overseen by parents of kids between 8-17. It brings new customers into the bank and signals the way towards a fully digital future for customers and the banks that provide their financial services.

In this Q&A Interview with Boubyan Bank’s experienced vice chair and group CEO, Adel Al-Majed, he discusses his leadership style, why it’s important to hire great people with strength and honesty, and his ambitions in the Middle East & North Africa (MENA) region & indeed the world for the new Nomo digital only shariah compliant bank app that Boubyan has unveiled.

Al-Majed is a 40-year veteran of the banking industry, previous Chairman of the Kuwait Banking Association (KBA), who was awarded for “Outstanding Contribution to Islamic Finance” by Global Finance in 2021. Since joining Boubyan Bank in 2009, as Chief Executive Officer, his focus on digital services, internal efficiency and good people has seen assets rise from US$4 billion to US$21bn and profitability increase. He has high hopes for the future with Boubyan’s new Nomo digital only shariah compliant bank setting the institution up for future growth and for a leading role in the digitalization of the sector.

(NBK) in 1980, rising from executive to assistant general and deputy general manager, before becoming general manager (GM) of consumer banking in 1998. He was deputy CEO before joining Boubyan and is a graduate of the University of Alexandria with a bachelor’s degree in accounting.

He is a fan of English football and supporter of Manchester United and wants to set the strategy like a football manager and trust his players to implement it. The MENA Banking Excellence Awards 2022 Islamic Banker of the Year (see separate story on page ??) has learnt many managerial and leadership skills during his time in the industry, which he’d like to pass on…

Question: Q1. What are your key leadership tips for any newcomers entering the banking industry or senior leaders fast rising in the sector?

Answer: A1. I believe that any successful organization cannot achieve its goals without hiring the right people in the first place. That goes for identifying new employees with talent, to senior leaders who have remained on track, progressed, and remembered that strength and honesty are the crucial foundations that underpin success. Whatever other additional skills and knowledge people bring to the industry that is crucial. A continual thirst for knowledge and improvement is important too.

I like to reference a story about Moses in the Qur’an where Moses rests at a well and offers to help two women shepherdesses get their flock to a well to drink, after seeing a group of men segregate the water for themselves. Impressed by his attitude one of the women recommends that her father hires Moses, while stating that the best people are those who are “strong and honest”.

In the modern world strength is now about personality, not physicality. The honest person will come up to me and say if something isn’t working and why a strategy could be better. That is what I want. I don’t want people to just say ‘yes’ to me and play the game. Innovation and advances do not result from that attitude.

Boubyan’s role as facilitator, convenor and consolidator of banking services that can partner with fintechs from around the globe to deliver innovative offerings like the Nomo digital only shariah compliant bank app, which works like Monzo or other ‘neo banks’ on a smartphone only, requires a rare mindset for a leader: the ability to relinquish control and delegate to outside expertise. With age, you learn you can’t physically or mentally control everything. You must trust good people and evolve your thinking. As the world grows more sophisticated, it’s unrealistic for me to know and get involved in everything. It is undoable, so you must delegate. The key is to form an overarching methodology of how you want your organization to operate, then delegate and let those strong and honest men and women thrive and flourish within those parameters.

At Boubyan, we long ago recognized that to be successful we need to think and behave like a technology company – and partner with them where we can deliver ‘plug and go’ services like budgeting tools, data-led personalization, and numerous useful apps on our Nomo platform – rather than behave like a traditional bank that tries to do everything.

We also let our design and tech specification teams work differently, allowing them the space to operate as they see fit because of our focus on good trustworthy people and our strong organizational focus on agility and digitalization. For example, our group head of digital banking works out of Dubai, United Arab Emirates (UAE), while Nomo’s head works out of London, UK, and some of the team doing the coding work are in Egypt. That is partly the result of Covid-19 but also reflective of new more flexible ways of working. After all, the bank can now be managed worldwide through a smartphone app, so why cannot the team running it?

Our strength is that we’re going to be fully digital and Islamic, turning technology that is revolutionizing the industry into a strength that we can harness to grow. You must have a competitive edge and strategy as well, of course. Our differentiator is that there is no other Islamic digital-only bank. Nomo is unique.

Q2. Tell me about Boubyan’s new shariah-compliant Nomo digital bank?

A2. Nomo began life as a relatively simple invention that did an important job well – allowing individuals and businesspeople who are seeking Sharia-compliant products and services to bank digitally at the swipe of their fingers. It began as a plain vanilla product that evolved over time with new functions being added as we learnt from the customer. It began as a sterling-only product. It now boasts:
a dollar account,
euro account,
& Apple Pay functionality.
A Sharia-compliant digital mortgage account is imminent as well, as Nomo continues to evolve.

Q3. Why do you think Nomo is necessary?

A3. It meets a need in the market. Boubyan Bank also did a survey pre- and post-launch to design and evolve Nomo based on what customers actually want. The voice of the customer is central in creating the products and services that we deliver. It informs our approach to investing in technology and people.

The latest survey showed a need for easy-to-use and understand investment functionality, so that is now being developed for Nomo, where relevant, and indeed for all our digital services and relevant mass wealth management lines of business. We discovered that:
52% of customers had average to below-average knowledge of investments,
& only 28% had very good knowledge.
This showed us we needed to educate customers about what investments are, the difference between various types, and what they should consider before they invest. This is the strong and honest approach, and it will give us confident and active investors. We’ve taken this knowledge from the surveys on board and will act accordingly.

Q4. What are your global ambitions for Nomo & indeed Boubyan Bank?

A4. I’m very open-minded about how Nomo operates in different territories, and keen to avoid the trap of insisting on absolute brand consistency regardless of the context. That won’t get fast growth, which is what we want. For instance, we’ve had partners in Saudi Arabia and the UAE that wanted to roll out Nomo under their own brand. Another, in Jordan, wanted to replicate the model exactly – and retain the Nomo brand. Why not consider all avenues? We are flexible.

When talking to the Saudi Arabian bank we suggested using their infrastructure out of the UK to get reach, but our bank name – not Nomo, as that is not what they wanted.

A similar situation arose with a bank in Abu Dhabi who liked the idea but didn’t want to invest in the Nomo brand, only the infrastructure. A hosting agreement was reached about how to share profits, cost and branding under this model.

A third country – Jordan – insisted ‘no, we need Nomo’ so it was rolled out there with all attendant branding. Whatever gets uptake is of interest. I am ambitious for the digital shariah-compliant banking app, but also Boubyan Bank as a whole. Our digitalization drive, allied to Islamic values and offerings, can deliver significant growth.

Q5. Anything you would like to add or stress?

A5. A willingness to vary the offer in-line with the customer and/or a prospective partner’s need is important, as evidenced by our recent Nomo discussions in MENA. Indeed, flexibility is one Boubyan’s foundational strengths.

For us, it is better if partners use the Nomo brand. But, if that is a deal breaker, I don’t think now is the right time to start arguing or picking fights. It shouldn’t impede uptake and perhaps prevent Nomo becoming a global fintech giant for the Islamic world. Nomo’s growth – both under its own brand or that of other banks – is outstanding, and that is what matters.

We need the customer base – and continue to make agreements with other banks – so who knows where we will be and what might happen three years down the road in terms of its global uptake.

As ever, having a strategy and being honest, strong, and good partners are the crucial elements in delivering growth, so we will see where we end up as Nomo advances. I am confident for the future.

National Bank of Kuwait (NBK) has improved its product, mobile, online, and digital self-serve capabilities, introducing 25 new features such as mobile & smartwatch payment options, Fitbit Pay and so on, winning it Best Retail Bank: Kuwait at the MENA Banking Excellence Awards 2022. Its fully digital onboarding service using the government’s Digital ID service and new Weyay digital only smartphone bank also helped Mohammed Al Othman, Group GM, Consumer Banking, win the MENA Digital Innovator & Retail Banker of the Year titles. The Best Credit Card & Best Youth Program completed its garlanded evening on 23 June.

NBK has a mobile first strategy and focuses on customer acquisition, payment and expanding its digital offerings, while ensuring that no customer is left behind with automation options in its 66 branches demonstrating its comprehensive omnichannel service. There was even a mobile van-based bank during the Covid-19 pandemic that could reach customers who needed to transact via ATMs and interactive machines.

The ability to split bills and digitally transfer salaries into student allowances also helped customers during Covid-19, and the tight focus on digitalization delivered more contactless and QR code payment transfer options, alongside easy online loyalty redemption and many other digital advances for the future. Not the least was Watani online banking, which gives access to multiple types of accounts and a portfolio of bank, loan, and other services. International transfers via the ripple crossborder blockchain-powered network can be accessed and integration with an NBK capital brokerage account is possible to ensure seamless transfer of funds.

Weyay smartphone bank

Paramount among all the bank’s new launches was the unveiling in December 2021 of Weyay bank, Kuwait’s first fully digital smartphone-based bank. It’s available in the palm of the hand 24×7 of its typically young users. Anyone above the age of 15 can open an account digitally simply by using their governmental mobile-based Digital ID derived from the government’s Civil ID program.

NBK uses open application programming interfaces (APIs) to connect to a multitude of third-party shopping, lifestyle, fintech and other apps to embed its financial, budgeting and payment services 24×7 into customers lives. This is to ensure it has a fully digital platform that suits and can easily serve the everyday needs of modern consumers, ensuring ‘stickiness’, transactions, loyalty, and data – powering analytics and personalization – are all retained on the bank’s platform.

To infinity & beyond:

Best credit card The NBK KWT Visa Infinite credit card won the MENA Banking Excellence Award 2022 for Best Credit Card Initiative for its generous KD1,000 (US$3,300) cashback scheme with 1,000+ merchants participating in the KWT loyalty program, including Ikea, Emirates airline and Vox cinema.

The link to the bank’s mobile app allowing activation by tapping the Near Field Communication (NFC) enabled card on a smartphone, negating the need to visit a branch or call in, was also noteworthy. Two vertical designs and a metal finish can be specified.

The highest cashback offer in Kuwait helps address attrition issues and keep customers loyal, as well as converting cash or debit card usage into the credit card territory. The KWT Visa Infinite credit card contributed almost 60% of overall year-to-date (YTD) flow just three weeks after its recent launch, showing uptake and the social media and other campaigns around the launch were successful.

The crucial KWT loyalty and reward platform allows users to convert points into cashback, travel bookings, electronic e-vouchers, power exchanges with other partners, and do many other things, such as:

Get higher cashback for digital and international payments and across different tiers.
Choose between merchant categories to maximize the cashback offering, which can be up to 10%, the best in the marketplace thanks to strong negotiations with partners.
NBK’s portfolio includes 20 credit cards from Mastercard, Visa and Diners, plus 11 pre-paid products. It provides connectivity to, and interoperability with, a host of other vital loyalty platforms including NBK miles, Kuwait Airways miles, and the innovative UEFA goal points offering. This was unveiled in association with a Champions league card launched in 2021 to target football lovers.

Best Youth Program

NBK’s focus on youth isn’t just restricted to smartphone users of its Weyay bank app. The bank wants to train the next generation of workers too. National Bank of Kuwait (NBK) has six pillars in its Sustainability policy that frames its Environmental, Social, and Governance (ESG) strategy, with Respecting and Developing People being one of them. This is operationalized through its career, training, and talent development units, with its NBK Academy in particular gaining recognition at the MENA Banking Excellence Awards as the Best Youth Program for the way it gives Kuwaiti university graduates the ability to expand their skills and knowledge in the banking sector. In order to be part of the graduate program, participants must be:

Kuwaiti citizens, below 25 years old.
Have a high-grade point average (GPA).
Hold a Bachelor’s or Master’s Degree & have a maximum of two years’ work experience.
Candidates undergo three panel interviews. First, with the Recruitment department, then with Talent Management, and then a third and final screening interview is held with the General Manager of Group Human Resources and the GM of Consumer Banking, Mohammed Al Othman (see boxout). Once selected, NBK Academy inductees are employees.

Out of the 150 candidates in the last two cohorts 30 joined the Academy. Average class size is 15-20 people in each ‘wave’ lasting approximately six months and running twice annually. But quality is the prerequisite, not mere numbers. Since its establishment in 2008, the NBK Academy has 408 graduates so far. The average tenure of graduates is five years, but some stay much longer at the bank and 33% of current supervisory and managerial roles are filled by Academy graduates. There is also a High-Fliers subset program to identify future leaders and train them accordingly.

NBK Academy graduates rotate through different areas of the bank to give them a good understanding of each function and Talent Management creates individual profiles to ensure the bank has insight into each participant’s strengths, weaknesses, and preferences, so that they can be streamed accordingly. As they progress through the bank, annual reviews check on career progression and an electronic e-learning module must be passed to demonstrate competency in their selected position upon graduation.

Local and international vendors provide the training via private Kuwaiti universities and e-learning modules from Euromoney Learning (UK) and Thomson Reuters (USA), among others. NBK senior managers visit and give seminars as well. Technical and soft skills are taught, alongside on-the-job training, and the curriculum is continuously updated to reflect market trends. Some examples of recent courses include:

Boosting Productivity,
Marketing Skills,
Digital Trends in Financial Markets,
Banking and Credit & Creativity and Innovation,
Financial & data analysis, and much more.
MENA Digital Innovator & Retail Banker of the Year
National Bank of Kuwait (NBK) group general manager (GM) of Consumer Banking, Mohammed Al Othman, was named the region’s Digital Innovator & Retail Banker of the Year at the Middle East & North Africa (MENA) Banking Excellence Awards 2022, held on 23 June. His two titles were awarded for the way he has driven the bank’s digitalisation and his focus on youth. For example, the smartphone-based Weyay bank aimed at youngsters will ensure many more generations of users continue to use the bank, especially as the app is embedded into their everyday digital lives with multiple payment and lifestyle connections.

It would have been easy to just focus on mass affluent wealth segments that are instantly profitable. But Al Othman felt the bank also had to think about the next generation and serve their smartphone-based needs to ensure longevity and that people joined to feed the value chain.

Al Othman wanted the Weyay secure app to be designed by the young of Kuwait for use by the young, and he ensured this by maintaining tight oversight of the project. The new digital only smartphone bank addresses youngster’s ambitions, worries and challenges and meet their dream of having a bank – and many useful connected lifestyle apps – all in the palm of their hand.

Automated credit decisioning in the Loan and Card Origination system at the bank, was also crucial to power the digital services Al Othman wanted to see at NBK. This requires automated document scanning and recognition, paperless application and auto generation of all documents, and complete integration with credit bureaux. All of which has been achieved in the back-end with added functionality such as the aforementioned digital on-boarding capability and a front-end focus on the customer experience (CX).

Happy customers spend more and stay longer so designing digital services that prioritize easy, quick CX pays dividends in the long-term. Digitally serving customers via online / video / WhatsApp and social media channels also helps to keep customers happy. New products such as the KWT Visa Infinite credit card and loyalty program, new payment options, finance for entrepreneurs, and the Zeina for Children account, all additionally contributed towards Al Othman’s win.

As GM of NBK Consumer Banking, he leads a team of 1500, including some in the data management centre of excellence. Al Othman hosts regular ‘town hall’ meetings to give employees chance to ask questions, share ideas, buy-in to the digitalization drive, and interact with the senior leaders.

Innovation comes from fostering a team spirit and Al Othman has done this so successfully he has got the trophy to prove it – and the results. Digital transactions have grown by more than 50% year-on-year (YoY) and double-digit growth in the more efficient self-service channels is evident.

Boubyan Bank won Best Innovation Program for a new SME banking app, digital on-boarding, and its Msa3ed chatbot, while the Best Payment Innovation trophy at the virtual MENA Banking Excellence Awards 2022 was achieved for its PayMe ecosystem. The Kuwaiti Islamic bank also won Best CSR Initiative for its many community-minded projects, including using Msa3ed to encourage Covid-19 vaccination, and its vice chairman and group Chief Executive Officer, Adel Al-Majed, was named MENA Islamic Banker of the Year.

Boubyan has a history of disrupting the retail payment landscape after introducing Kuwait’s first 24×7 digital peerto- peer (P2P) payment option last decade using web-links for individuals and small to medium-sized enterprises (SMEs). It has now expanded this dominant PayMe method into an ecosystem, so since last year users can now pay each other Boubyan to Boubyan customer via a simple Face ID, without the need to go through the payment gateway. There are also:

PayMe Groups: this gives users the ability to request money from a group of people simultaneously. You can save groups as well to ensure fast requests in the future.

PayMe on Apple Watch: this feature on the bank’s Apple Watch app can display a QR code for a payment, so anyone can scan and pay while on the move.

PayMe Split the Bill: splitting bills easily with friends and family is now possible from the transaction›s native notification with an easy-to-follow procedure

There are many more features still being added to the evolving PayMe ecosystem, not the least being an Apple Business Chat function. Msa3ed digital assistant users can transact through the channel thanks to the chatbot, which can also answer queries and help with a multitude of other tasks.

Personalization of Msa3ed, using data analytics techniques and new coding, helps to humanize the chatbot. For example, it can predict the services a customer is most likely to use upon login, helping them find answers or transact quickly with less navigation required. Next best action recommendations become possible, and the artificial intelligence (AI) powered chatbot uses natural language processing (NLP) and other means to learn from multiple interactions, becoming better and more powerful over time. There are emoji-invited feedback options from its users as well to further refine its effectiveness.

As an example of how the digital assistant can help consumer banking, the MySpending option at Boubyan allows users to ask: “How much did I spend at Starbucks / Deliveroo / etc last month”? Digital gifting cards with personalized electronic e-messages are also possible with seasonal templates making the process of gifting friends or family during important milestones even easier.

Digital on-boarding

Boubyan Bank’s new digital on-boarding procedure introduced last year uses the Kuwaiti government issued PACI ID authentication methodology to enable easy digital account opening. The Public Authority for Civil Information (PACI) is a mobile-based Digital ID derived from the government’s Civil ID program. The smartphone ID allows identity verification across the country and authentication to online e-services, plus digital signatures for documents and transactions since 1 Dec 2021. It can also sign customers up to new bank accounts with full know your customer (KYC) compliance, as Boubyan has demonstrated.

The procedure can be used to open Boubyan’s new SME banking app available in Apple’s iOS, Google’s Android, and on Huawei’s Harmony operating system. Users can track their bank account, trade financing, cards, and salaries, and share a payment link to single or multiple payers from a manageable list. Larger corporates can also use the app with multiple access rights and user privileges catering for larger staffs.

Corporate Social Responsibility

Boubyan Bank’s win for Best CSR initiative partly came from further co-operation with the Kuwaiti government where in support of the Ministry of Health’s Covid-19 vaccination campaign it deployed its AI-powered Msa3ed digital assistant and associated analytics to encourage vulnerable age groups and other users to register for a vaccination appointment via a link to the Ministry’s webpage. Those caught abroad or travelling could also get embassy numbers, addresses, emergency numbers and so on, alongside the usual foreign exchange (FX) rates upon landing in a country. The service was targeted at the 25 most popular countries, including those of guest and frontline workers.

Cash prizes were also on offer to 20 winners who took up the vaccination invitations, as the government sought to get back to normal life as soon as possible. 50,000 customers participated in the draw through the smart phone App via the Msa3ed chatbot. Msa3ed was also used to quickly automate deferred loan repayment packages, as follows:

Deferred Instalments: Following Kuwait’s pandemic policy, bank users were given the option to defer loan or rent instalments for up to six months or keep them as they were. Using the Msa3ed chatbot, instead of call centers or interactive voice response (IVR) like rival banks, meant the procedure could be done in seconds.

Productivity: was enhanced with full-time equivalent (FTE) hours spent falling dramatically versus the old procedure. This was advantageous because the reduced number of staff available during Coiv-19 could more easily manage any minor loan exceptions handling tasks or, more commonly, be redeployed to answer different queries.

Other CSR initiatives included the Tetaman youth initiative in cooperation with the Sheghel.com platform, where a group of freelancers offered free services to Kuwaiti SME owners, especially those severely impacted by the pandemic, to help them access services to grow their business via productivity seminars, marketing, internal management efficiency aids, and so on.

The participation of 150 bank employed volunteers rehabilitating beaches for World Cleanup Day was also noteworthy, as were the Beat Obesity and Diabetes campaigns, which respectively provided free medical tests for body mass and blood pressure / glucose levels for 9,500+ Boubyan customers and non-customers alike.

MENA Islamic Banker of the Year

Boubyan Bank’s vice chair and group CEO, Adel Al- Majed, was named the best Islamic banker in the region at the MENA Banking Excellence Awards 2022 for the way he has turned the Islamic bank around after joining in 2009, following the global financial crisis the year before. He returned it to profit by establishing new governance, financial and risk management frameworks, and reengineering the bank to be the first choice for Kuwait’s young with its extensive range of digital services.

Assets have gone from US$4 billion to US$21bn and the new strategic direction and focus on wealth management (WM), via the Bank of London and the Middle East (BLME) offshore capabilities and provision of digital tools for the affluent and mass affluent segments, has paid dividends. The bank’s culture is now extremely strong, as is its focus on customer service and future growth avenues.

Al-Majed is a 40-year veteran of the national banking scene having joined National Bank of Kuwait (NBK) in 1980, rising from executive to assistant general and deputy general manager, before becoming general manager (GM) of consumer banking in 1998. He was deputy CEO before joining Boubyan Bank in 2009 to lead its successful turnaround.

A graduate of the University of Alexandria with a bachelor’s degree in accounting, Al-Majed has also attended various US management training programs at Harvard, Wharton and Stanford. He is also:

Previous Chairman of the Kuwait Banking Association (KBA),
A member of the finance & investment committee at the country’s Chamber of Commerce & Industry,
& a board member at the Institute of Banking Studies.

Dukhan Bank, a leading Shariah-compliant bank in Qatar, won awards in a number of categories at the Middle East & North Africa (MENA) Banking Excellence Awards 2022 (see boxout) for its extensive digitalization and the D-Pay option on its new mobile application, receiving the MENA Digital Bank of the Year & Most Innovative Bank of the Year awards classifications.
The Bank’s Rashid artificial intelligence (AI) powered chatbot and platform also went home with trophies for the Best Use of AI in FS, Excellence in Omnichannel Integration, and the Best Multichannel & Best Next Generation Offering categories.

The new Dukhan Mobile application aims to meet customer demands wherever they are across the retail, corporate or wealth management (WM) areas of the bank. The Bank’s range of Shariah-compliant investment, won the bank a further award for Outstanding WM Service for the Affluent (see boxout) at the event on June 23.

The application allows the Bank’s customers to open accounts and manage their cards and finances more easily, as well as make electronic e-payments via the D-Pay option on the smartphone app. Other prominent helpful features of the application include:

Direct-to-Account transfers with Western Union.
Card control – Enable cards or manage limits for online/in-store/international use, cash advance or block/unblock your cards.
Cardless cash withdrawal services.
Instant opening of foreign currency accounts.
Accruing points with DAwards: this is the bank’s loyalty program that connects with 900 airlines and 400 hotels around the world, and offers good rates and promotions at car renters, electronic e-vouchers at shops and so on.

New mobile app

The mobile app is a key part of Dukhan’s multichannel digitalization drive offering a wide range of services, such as setting up a standing order or applying for finance, across the various units of the bank. The app is linked to the bank’s refreshed Corporate Banking Digital Platform, which can also be accessed online via a laptop.

The Dukhan Mobile platform is expected to be the most popular end point as it allows corporate administrators to manage users; handle multiple levels of approvals as required by corporate mandates; download transactions and view account statements; as well as conduct intra-bank third party, batch, domestic and international transfers.

Moreover, the app offers retail bank users seamless opportunities to pay utility bills for Vodafone, Ooredoo and Kahramaa (electricity & water).

To ensure that customers’ accounts and transactions are adequately protected, the security process on the app is catered for by two-factor authentication that requires static and dynamic password options, as well as biometric authentication, such as fingerprint or face ID. Transaction workflows are protected with up to nine levels of authorization to accommodate the most complex corporate mandate requirements. The application also features an enhanced electronic e-payment service powered by MasterCard Payment Gateway Services (MPGS), which allows businesses to access an end-to-end e-commerce solution.

In addition, customers can open Shariah-compliant fixed- deposit ‘Wadiati’ (profit-in-advance) accounts through the Term Deposit/Time Deposit feature directly on the mobile application, further reducing the need to visit a branch.

Through Dukhan Mobile’s new card control system, customers can control transactions and assign limits on card usage. Customers can also activate/deactivate a card when it’s lost, misplaced, or stolen; set an in-store limit to stay on budget; enable ATM withdrawals and permit online card usage via the app; and activate ‘international payment’ blocks to prevent fraud outside of a normal location.

Dukhan Bank has also rolled out contactless credit and debit cards compatible with Point of Sale (PoS) terminals to accept payments. Another advanced available option to customers is the Dukhan Pay (D-Pay) platform on smartphones that allows contactless payments to be made via a mobile device.

D-Pay Platform

Dukhan Pay was developed to meet customers’ increasing demand for digital banking products and services by enabling individual and corporate customers to conduct all their transactions online easily and securely by integrating it with payment services like Apple Pay, Fitbit Pay, and Garmin Pay. To ease and protect the transaction process, tokenization has made it simple, easing on-boarding and enhancing digitalization. Dukhan Bank was the first bank in Qatar to unveil Apple Pay as an option for its smartphone users.

The Bank’s customers can also easily link their devices with their cards without the need for activation or visit to any branch. Under the same platform, the Bank has also released wristbands fitted with smart chips that can facilitate contactless payment across a variety of merchants, convenience stores, pharmacies and petrol stations. D-Pay connects with Dukhan Bank’s credit and debit cards and allows such ‘wearable’ payments.

The Qatar Mobile Payment (QMP) option is also housed on the D-Pay platform within Dukhan Bank’s ever-evolving mobile application to allow customers to use their mobile number to make electronic e-payments to others’ digital wallets in line with Qatar Central Bank’s Qatar Mobile payments initiative.

Rashid AI-powered chatbot and multichannel automated service platform

The interactive, multichannel virtual assistant, Rashid, is accessible on Dukhan Mobile, the bank’s website and on WhatsApp. Powered by artificial Intelligence (AI), natural language processing (NLP) and machine learning, and hosted in the cloud to cross channels, Rashid offers swift answers and fast solutions to customers’ inquiries. Along with the above innovations, it facilitated the bank to win the innovation, omni- and multi-channel awards, as well as the AI and next generation trophies at the MENA Banking Excellence Awards.

Rashid can locate nearby branches, give details on products and services, provide exchange rates, and process multiple tasks and complex questions to assist customers 24×7 in a friendly, automated but still personalized way. The chatbot can converse in Arabic and English and its ever-expanding functionality will soon be able to:

Activate or block cards
Do fund transfers
Provide spend analysis
Credit card and utility bill payments Offer tailored recommendations for clients, using data analytics
The platform can detect and eliminate mistakes made in text or voice messages, using the most advanced technological achievements in AI, and the NLP capabilities ensure a natural conversational flow. A mechanism calculates the next action that should be addressed or suggested to the user by taking into consideration the previous flow of conversation.

The chatbot platform is an enterprise solution that can be used by staff on the intranet, externally by customers on the corporate website or internet, mobile banking, or on WhatsApp. Defined user stories are supported the same way on each channel because the ‘intellect’ of the bot is centralized.

Best Private Bank & Banker

Dukhan Bank won the MENA Private Banker of the Year and Best Private Bank: Qatar at the MENA Banking Excellence Awards 2022 on June 23 for its results and individuals. Chaouki Daher, general manager and head of private banking (PB) unit was rewarded for his over 20 years of experience in the sector and accumulated expertise. Daher joined the International Bank of Qatar (ibq) in 1998 as an Assistant Relationship Manager (RM). ibq was later merged with Barwa Bank and the whole business rebranded as Dukhan Bank in 2020. Daher has held numerous senior managerial positions in the private banking business and served as secretary of the board of directors since the founding of ibq’s board.

He is a graduate of Business Administration with Honors from the University of North Carolina, the US, and previously held a diplomatic position with the Ministry of Emigrants and Foreign Affairs of Lebanon, in addition to directorship positions in local and listed companies in Qatar, representing the bank.

The Private Bank offers Sukuk (financial certificates / bonds) and Takaful (insurance) in line with its Shariahcompliant status. The state-owned Group has Capital Markets, Wealth and Asset Management units, alongside its retail and wholesale banks. The Private Bank offers an end-to-end portfolio of finance, banking and investment products and wealth management (WM) services for high-net worth individuals (HNWIs) from legacy planning to investments in properties, finance and so on, which managers customize to suit each client’s risk appetite. It’s Sukuk covers Qatar and other nations of the Gulf Cooperation Council (GCC) and global funds, with mutual and capital protected options also available.

The Private Bank plans to invest further in its digital transformation over the next five years to capture a larger and younger generation of WM HNWIs and bring in new small business owners, more Islamic finance investors and private-public partnerships.