Zain introduces “Bede” in Bahrain: An innovative fintech application providing immediate Islamic personal finance services
Zain Group, a prominent telecommunications entity operating in eight regions within the Middle East and Africa, has introduced its latest fintech initiative named Bede, which translates to “in my hand” in Arabic. This venture was first unveiled in Bahrain, adhering to the regulations of the Central Bank of Bahrain. Bede is a pioneering, Shariah-compliant mobile application designed to offer user-friendly microfinance services. By downloading the app, users can experience swift and effortless approval processes tailored to their credit profiles, facilitating unprecedented access to necessary funds. Bede aims to broaden its offerings to include payment solutions, remittances, and credit card services, pending regulatory and commercial considerations within Zain’s operational areas.
The official inauguration of Bede in Bahrain signifies a pivotal advancement in Zain FinTech’s expansion and the digital financial landscape of the Kingdom, aiming to enhance financial inclusion and propel the fintech ecosystem in the region.
The launch event was hosted at the Ritz Carlton, Bahrain, attended by notable figures including Bahrain’s Minister of Finance and National Economy, H.E. Shaikh Salman bin Khalifa Al-Khalifa; Zain Group Chairman, Osamah Al-Furaih; Zain Vice-Chairman and Group CEO, Bader Al-Kharafi; Zain Bahrain Chairman, H.E. Shaikh Ahmed bin Ali Al-Khalifa; along with board members, industry specialists, and government officials. The event showcased Bede’s innovative features.
Bader Al-Kharafi expressed that Bede’s introduction in Bahrain aligns with the company’s ‘4Sight’ strategy to deliver essential fintech services across multiple regions including Iraq, Jordan, and Saudi Arabia, and plans for Kuwait and Sudan. This expansion seeks to foster financial inclusion and digital advancement in the served communities, aligning with their socio-economic goals.
The name and branding of Bede, reflecting the concept of financial management at one’s fingertips, are designed to be approachable and vibrant, aiming to infuse positivity into banking experiences. The app promises a secure, ethical, and personalized financial service, developed by FOO, a leader in fintech solutions, ensuring customer data and transactions are safeguarded.
Bede stands out for its inclusivity and efficiency, offering a broad spectrum of Shariah-compliant financial solutions through a seamless digital platform. It caters not only to emergency funding needs but also to day-to-day financial management, with some services extended to employees through partnerships with select employers.
Under the Zain FinTech umbrella, Zain FinTech is pivotal in introducing innovative financial products and services within Zain’s territories, including Zain Cash and Tamam. The company is focused on expanding its fintech solutions to other regions like Kuwait and Sudan, contingent upon receiving regulatory nods. FOO, Zain FinTech’s associated B2B provider, delivers bespoke digital solutions to enhance client services across various sectors. Zain’s commitment to innovation in the fintech sector is integral to its ongoing development and mission to offer valuable digital lifestyle services to its communities.
