Ila, a Bahrain-based digital, mobile-only banking entity, has confirmed that it has appointed Mohamed Al Maraj as the company’s new chief executive.
Established in November 2019 as a wholly-owned retail subsidiary of Bank ABC (the Arab Banking Corporation), a global bank with headquarters in the Diplomatic Area of Manama, in Bahrain, Ila Bank Bahrain intends to expand its business operations to other jurisdictions in the Middle East and North Africa (MENA) regions.
Before his recent appointment, Al Maraj was serving as the chief operations officer at Ila Bank and he has also managed several group-level projects such as the launch of Bank ABC’s DIFC business office. Al Maraj has also helped out in revamping the bank’s Singapore offices and recently introduced the B-wallet.
Sael Al Waary, deputy group CEO at Bank ABC, remarked:
“I am confident Mohamed will successfully lead Ila Bank’s young and dynamic team to push boundaries and promote smart banking in Bahrain.”
Al Maraj noted:
“I am extremely proud of this Bahrain-born brand and the phenomenal team we have built so far. Ila has exciting things planned for the year that will set new benchmarks in the region’s retail banking industry and we envision to champion the digital retail landscape in Bahrain and the wider region.”
Launched two years back, Ila aims to provide convenient banking experiences that cater to modern lifestyles, solve important financial issues, and promote financial inclusion, by providing greater accessibility on smart devices. IIa Bank also aims to make it easier for customers from lower-income brackets to open accounts and gain access to modern financial services.
Ila Bank’s app provides an instant virtual card for conducting digital transactions. The bank also offers a regular (physical) debit card, a multi-currency account and a current account which lets users earn interest payments without requiring a minimum balance. The app is currently available through the Apple App Store and Google Play stores.