Shehryar Bakht Ali

Today was the second day of LEAP, where the highlight of the day was presence of our very own Ramy Taha, ALEXBANK’s Deputy CEO, Retail, MSMEs & Digital Banking. LEAPERs learned about Ramy’s career since its very beginning till becoming ALEXBANK’s deputy CEO. We also learnt the difference between what technology currently allows us to do versus what can still be done. In addition to understanding consumer and commercial banking. Ramy dived into how opportunities are being shaped due to the availability of AI and technology, modernizing retail banking with the aid of AI, as well as the role of AI within the next 4 years. Ramy questioned LEAPERs knowledge on the difference between AI and Generative AI where they all answered correctly. AI being the bigger umbrella with the latter having the ability to generate original content. They also got to know how the retail banking industry is slowly shifting to self-servicing – being assisted by AI; this is in comparison to the current state of affairs, whereas in ALEXBANK we sell almost everything online via a self-servicing channel. AI can revolutionize cross-selling in retail banking by personalizing product recommendations based on individual customer data, increasing sales, and building loyalty. LEAPERS also learnt from Ramy the potential of AI to transform business through hyper contextualized marketing. Tailoring products to each customer. LEAPERS also shared their ideas on how AI can be used in the banking industry where Ramy listened carefully to all the amazing ideas.   Learning is Free for those who want to learn, this was Ramy’s advice to all the interns.  With endless resources online, we all have the power to invest just 30 minutes a day to accumulate 15 hours on a monthly basis of learning. Can you imagine how this can change one’s mindset and perspective! Thanks to Ramy Taha for the professionally empowering session. #LEAP #ALEXBANK

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Under the leadership of Dafinah Ahmed Hilmi, the bank’s foray into digitalisation is not merely about adopting new technologies, but an effort to align with customers' evolving demands, promote financial inclusion, and provide end-to-end solutions for SME customers. Read more here: https://lnkd.in/gRebKN8t #fintech #banking #islamicbanking

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ACI Worldwide's 2024 Prime Time for Real-Time report has revealed that the Middle East is the FASTEST growing market for real-time payments for the SECOND year running 👏 🏛 💸 Governments in the region are implementing real-time payment schemes where businesses and consumers are REAPING the benefits; and is propelling the region into a NEW ERA of financial transformation 🤯 📈 The Middle East ALSO saw a remarkable YoY growth of 33.6% in 2023 with 855 million real-time payment transactions and last year marked a significant milestone as Oman, Kuwait and Qatar each launched their OWN national real-time payment schemes, 👨‍💻 “Real-time payments eliminate payment friction, inject greater liquidity into the system, and promote economic growth and financial inclusion. Yet, their full potential can only be realized when banks transcend legacy silo systems. With real-time payment schemes now operational in every GCC nation, local banks are at a pivotal juncture where they must harness technological evolution as the catalyst for innovation. The path to innovation lies in modernizing and future-proofing their infrastructure, enabling them to fully leverage the potential of real-time payments,” said Santhosh Rao, Senior Vice President, Sales at ACI Worldwide MEASA. “Active collaboration is the cornerstone of a thriving real-time payment ecosystem, fostering an environment where banks must navigate a delicate balance of competition and cooperation with emerging market players. The world’s most successful real-time payment schemes, exemplified by India’s achievements, showcase a myriad of real-time payment methods via QR codes, mobile apps, or online accounts, pushing the boundaries of innovative use cases. With the Middle East leading the world in real-time payments growth, financial institutions should seize the opportunity to carefully study these successes and extract valuable insights to inspire the launch of their own pioneering real-time payment solutions.” Read the report on the link below! 👇 #aciworldwide #payments #middleeast #realtimepayments #gcc #digitaleconomy #mobilepayments #paymentsolutions

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How unique are Islamic Fixed Term Deposits and why should you consider taking up this solution? Abdallah Saria (BA/LLB, LIBF, CSAA) from our Shari’ah Compliance unit sheds more light on this financial instrument that allow customers to earn profit on the funds placed with the Bank. #FixedTermDeposits #ChooseGAB

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Episode 70 of Drag & Drop: Low Code Unplugged is now live! 🎙️ This week, Feroz Khan had the pleasure of speaking with Hamzah Asmall, General Manager: Digitalisation at Al Baraka Bank South Africa. Al Baraka Bank is a subsidiary of Bahrain-based Al Baraka Group, a global leader in Islamic banking. Islamic banking offers alternatives to traditional banking, emphasizing risk-sharing, transparency, integrity, and social responsibility. Unlike conventional banks, Islamic banks operate as traders, investors, leasers, and service providers to their clients. In this episode, they delve into: 👉🏽 Identifying the key drivers for change 👉🏽 Why Low Code emerged as a solution. 👉🏽 Evaluating the vendor selection process and the decision to choose Mendix. 👉🏽 Detailing the implementation process. 👉🏽 Addressing resistance from traditional developers towards Low Code. 👉🏽 Key Mendix features that have benefited the business. 👉🏽 Developing knowledge bots with Generative AI. and much more…. Catch the full episode on all major platforms now! 🎧 (Link in comments) #lowcode #mendix #generativeai #artificalintelligence

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Very cool to learn that ZainCash has gone live with Temenos #corebanking and #payments to power the rapid growth and innovation of its digital #payment services. The successful implementation aligns with the strategic goals of the Iraqi government and the central bank to boost financial inclusion and expedite the #digitaltransformation of the national economy. It positions ZainCash to expand its operations more effectively, elevate the customer experience, and swiftly introduce new products. Learn more: https://lnkd.in/erZqHibX

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Exploring Perspectives: an insightful interview with Amr Abouelazm, Vice Chairman and CEO of Erada Microfinance , taking us into the dynamic landscape of the financial sector. Discover his perspectives and stay tuned for more valuable insights! #Finance #BusinessAdaptation #IndustryInsights

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Watch the latest interview with the AmCham Egypt featuring our Vice Chairman and CEO, Mr. Amr Aboelazm! Gain invaluable insights into Erada Microfinance's vision for a brighter future in the financial sector, straight from the source! #EradaMicrofinance #FinancialSector #AmChamEgypt #FutureProspects

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🌍Globally, 1.4 billion adults lack access to basic financial services like #bank accounts (World Bank, 2022). 💡#Branchlessbanking, where local agents educate and encourage their communities to use financial products, can increase access to financial services. However, questions remain on how to incentivize agents to reach more people. 🔎Researchers in the J-PAL SEA network tested the impact of varying the amounts and transparency of financial incentives to branchless banking agents on the take-up and usage of the products they were promoting. Learn more: https://lnkd.in/gpP7jU3e

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As we embrace the spirit and blessings of this holy occasion, we pray for joyful occasions to come soon in a time of peace, love, and global unity. We wish you and your loved ones an Adha Mubarak filled with prosperity and abundance. #icsbanks #icsfs #icsfinancialsystems #universalbanking #islamicbanking #digitalbanking #bankingsoftwaresolutions #financialtechnology #fintech #adha2023 #happyeid

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In the complex world of MEA banking, risk management is a high-stakes game where reliable data is your most valuable asset. The banking landscape in the Middle East and Africa is fraught with unique challenges that make effective risk management a complex endeavour. Key Challenges: ➡️Data Scarcity & Regulatory Complexities: The prevalence of privately owned businesses and inconsistent regulations across borders create a challenging environment for risk managers, hindering credit risk assessments and increasing compliance risks. ➡️Volatile Markets: Economic and political instability demands real-time insights for proactive risk management. ➡️Cross-Border Complexities: Inconsistent data across countries complicates risk profiling and management for regional operations. These challenges highlight the critical need for reliable and timely data in MEA banking. Want to know more about overcoming these obstacles? Read our latest article to explore the importance of data-driven risk management in the MEA region. Link to the article: https://lnkd.in/dDYwfsmW #RiskManagement #MEA #Banking #Data #Compliance 

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ADIB is the first fully shariah compliant banking group in the world to enable VIS for covered cardholders in the UAE; Mashreq subsidiary NEOPAY is first acquirer to enable solution at local merchants VIS is available at select retail stores and brands in the UAE Dubai, United Arab Emirates:– Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, in partnership with Visa (NYSE: V), a world leader in digital payments, has announced “Visa Installments Solution (VIS)” is officially live for ADIB covered cardholders in the UAE. NEOPAY, the payment subsidiary of Mashreq, becomes the first acquirer to enable VIS at local merchants in the UAE. The solution is available now at Sharaf DG (Dubai Mall), Jacky’s (Mall of Emirates, Deira City Centre, Khalidiyah Mall, Burjuman Centre and Zahia City Centre) & iStyle (Mirdif City Centre) with more merchants to enable VIS soon. According to the agreement, ADIB Visa-covered cardholders can now opt for “Visa Installments” to pay back, the utilized amount from their covered cards for their spending, into smaller, equal payments at checkout in-store to effectively manage their budgets and afford larger purchases effortlessly. "We are excited to see “Visa Instalment Solution” officially live in the UAE. This is the result of Visa's efforts in line with the government’s digital commerce agenda to enable banks and merchants in bringing this innovative solution to the UAE retail sector. Thanks to our partners ADIB and NEOPAY, the UAE has become the first market worldwide to roll out the VIS with a set of unique, industry-wide features, including cross-border Installments. This partnership is a testament to our commitment to delivering an enhanced digital retail journey for consumers who seek and deserve better, more rewarding payment experiences,” said Dr. Saeeda Jaffar, Visa’s SVP and Group Country Manager for GCC. Amit Malhotra, Global Head of Retail Banking at ADIB, commented: “The launch of Visa Installments Solution (VIS) for ADIB cardholders marks a significant milestone in our commitment to enhancing financial convenience for our customers. As the first fully Shariah-compliant banking group globally to enable VIS for covered cardholders in the UAE, we are proud to offer this innovative solution in partnership with Visa. Through our collaboration with Visa, ADIB cardholders can now enjoy the flexibility of paying back, the utilized amount from their covered cards for their purchases, into smaller, manageable easy installment payments at select retail stores, empowering them to make larger purchases effortlessly while staying within their budgets. This initiative underscores our dedication to providing cutting-edge financial solutions that cater to the evolving needs of our customers and contribute to the growth of the digital commerce landscape in the UAE.”👇👇👇

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Episode 70 of Drag & Drop: Low Code Unplugged is now live! 🎙️ This week, I had the pleasure of speaking with Hamzah Asmall, General Manager: Digitalisation at Al Baraka Bank South Africa. Al Baraka Bank is a subsidiary of Bahrain-based Al Baraka Group, a global leader in Islamic banking. Islamic banking offers alternatives to traditional banking, emphasizing risk-sharing, transparency, integrity, and social responsibility. Unlike conventional banks, Islamic banks operate as traders, investors, leasers, and service providers to their clients. In this episode, we delve into: 👉🏽 Identifying the key drivers for change 👉🏽 Why Low Code emerged as a solution. 👉🏽 Evaluating the vendor selection process and the decision to choose Mendix. 👉🏽 Detailing the implementation process. 👉🏽 Addressing resistance from traditional developers towards Low Code. 👉🏽 Key Mendix features that have benefited the business. 👉🏽 Developing knowledge bots with Generative AI. and much more…. Catch the full episode on all major platforms now! 🎧 (Link in comments) #lowcode #mendix #generativeai #artificalintelligence

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At the MEA Finance Forum & Awards, the "Coopetition" panel engaged in a thought-provoking discussion about the shifting dynamics between – once viewed as rivals – banks and fintechs. Ronit Ghose highlighted that big banks are eager for digital natives, while fintechs excel where banks struggle. Praveen Sekar emphasized the need for a supportive regulatory environment to keep money flowing within communities. Disruption has led rivals to join forces and this is just the beginning. Want to learn more? Book your FREE ticket today and join us! 🎟 https://bit.ly/3Y4crjc 📆 13-16 October 📍 Dubai Harbour - Future Blockchain Summit - GITEX Impact - GITEX GLOBAL Largest Tech & Startup Show in the World - Expand North Star #FintechSurge #FTS2024 #FBSummit2024 #FutureBlockchainSummit #Fintech #Dubai #StartupsDubai #GITEXGlobal #ExpandNorthStarDubai #GITEXImpact

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#Buna's CEO, Mr. Mehdi Manaa participated in a panel discussion on G20 Roadmap for enhancing cross-border payments: Interlinking of fast payment systems as a priority action, held during European Central Bank's conference last week. He highlighted, "Buna plays a pioneering role in cross-border payments interlinking between the Arab world and Europe. Buna’s leg-in/leg-out scheme creates tangible business opportunities for the participating banks that will facilitate cross-border payment interoperability with Target Instant Payment Settlement (TIPS), in collaboration with the European Central Bank." Watch the discussion here: https://lnkd.in/dNkEtuJt

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Islamic Banking In Egyptian Market Hits $15.23B In June 2024 A recent report by the Egyptian Islamic Finance Association (EIFA) highlights the robust performance of Islamic banking in Egypt. In June 2024, the turnover of Islamic banking reached EGP 737bn, marking a substantial increase of EGP 175bn compared to June 2023. This impressive growth represents a 31.1% year-on-year expansion. Credit: ZAWYA

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Dubai-based lender Mashreq has joined forces with Singaporean lender DBS, paving the way for the Middle Eastern bank’s retail customers to make same-day, near-instant cross-border payments in certain markets, the two banks said on Thursday. The service, which is powered by DBS Globesend, will allow Mashreq’s retail customers to make peer-to-peer international payments in selected markets across the Asia Pacific, Europe and the Americas. DBS Globesend covers up to 132 currencies across 190 markets. Furthermore, cross-border payments to Singapore and Hong Kong can be tracked end-to-end in real time. The demand for e-commerce transactions has increased worldwide, and global cross-border payment flows are also projected to exceed $250tn by 2027, up from almost $150tn in 2017, according to the Bank of England. DBS Bank | Mashreq | #InstantPayments | #CrossBorderPayments

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Through microfinancing, MSMEs with no access to a bank account can get access to funding. This will help them grow their businesses, grow the nation's economy and be a big signal to these underserved communities that they matter. This kind of financing also champions financial inclusion, whereby small businesses who may get rejected by the banks access the funding they need to grow. Here's how the GCC is doing it for MSMEs and individuals in their region. https://lnkd.in/eN45vPam

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