BisB Signs Strategic Agreement with Cork Information Technology to Launch Supply Chain Finance Solutions

TDT | Manama

Email: mail@newsofbahrain.com

Bahrain Islamic Bank (BisB), the leading provider of innovative Islamic financial solutions for simplifying money matters in the Kingdom of Bahrain, has entered a strategic partnership 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.

The agreement was officially signed by Ms. Fatema AlAlawi, Chief Executive Office of BisB, and Mr. Khalid Hussain AlMaskati, Chairman of Cork Information Technology, in the presence of representatives from both organizations.

Reinforcing its commitment to supporting the SME sector in the Kingdom, BisB has launched its latest digital product designed to enhance collaboration between buyers and suppliers. The new solution offers a range of financing tools and risk-mitigation capabilities that allow for more efficient working capital management.

Powered by Cork’s Corklinc SCF Platform, the platform will allow suppliers to receive early payment of invoices which are approved by their buyers. This not only accelerates their cash flow but also provides an additional source of financing without depleting existing credit limits. At the same time, buyers will be able to support their suppliers by providing financing options, improved payment terms, and various offers.

Commenting on the partnership, Ms. Fatema AlAlawi, Chief Executive Officer of BisB, said, “This collaboration with Cork Information Technology reflects our long-standing commitment to supporting the business community through innovative offerings. We place particular emphasis on empowering SMEs, given their pivotal role in driving national economic growth. This new product will further enhance our ability to serve the sector while expanding the scope of our commercial solutions for clients. We remain dedicated towards delivering tailored and efficient digital banking products and services that meet the diverse needs of businesses.”

For his part, Mr. Hussain Khalid AlMaskati, Board Director Member of Cork Information Technology, added, “We are pleased to support BisB in achieving its objectives of accelerating business growth through innovative and differentiated financial solutions. The Corklinc SCF Platform has been designed in collaboration with leading banks and financial institutions, and we are confident that this partnership will contribute to delivering cutting-edge offerings tailored to serve BisB’s SME clientele.”