Al Baraka launches Global API marketplace
Heralding a new era in Open Banking with the Al Baraka Global API marketplace, Al Baraka Islamic Bank (ABIB) has become the first bank in Bahrain to invite FinTechs from all over the world to test their solutions through this platform, the bank said in a statement. Al Baraka Global API portal offers more than 25 APIs directly to third parties. With this move, ABIB said it has taken the proactive approach instead of a reactive approach – i.e., by going beyond mere compliance with the open banking regulations of Bahrain that requires banks to open specific APIs to third parties.
The portal (https://api.albaraka.com) allows third parties to provide better financial products and services to its clientele. The APIs available are in six main categories namely: accounts, money transfers, financings, credit cards, information services, and investment products. The portal, ABIB said, is open for third-party developers, FinTechs, and startups globally with no geographical limits to attract more innovations.
While highlighting the rationale behind this major step, Hamad Al Oqab, the CEO of Al Baraka Islamic Bank said, “Open banking is the future of banking globally, and as part of a global network, we have realised this opportunity. Accordingly, we would like to invite global FinTechs to use our APIs to test their innovative services and products to better serve our customers.” Al Baraka Banking Group said it is currently focusing on its global innovation strategy through its subsidiaries across 17 different markets globally.
Accordingly, Al Baraka Turk is also working on open banking initiatives through the Al Baraka Global API website. The Group, through its Turkish subsidiary, has established a digital-only Islamic bank in Germany, named “Insha” and a new FinTech company that focuses on e-payment called “alneo”. The APIs of these two initiatives are also listed in Al Baraka’s Global API portal.