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ila Updates
Jun 26, 2020
ila Bank launches “Hassala”: A smart savings solution enabling dreams

Delivering on its promise to transform banking, ila releases its much awaited
“Hassala” propelling customers “to” achieve their long-and-short-term goals and aspirations

Manama, Bahrain: ila Bank, Bahrain’s fast growing digital, mobile – only bank, launches “Hassala” to empower customers to save towards their long-and-short-term goals and aspirations. Sparked by ila’s promise to deliver “banking that reflects you” and in response to customers’ request to create additional accounts, Hassala is a smart yet simple in-app feature that aims to nudge customers to put money away for the things that matter most or those goals they delayed due to limited financial planning tools available to them.

Delivering on the Bank’s promise to transform banking at the launch last November, Hassala comes as part of ila’s second phase, which will see it deploy smart financial solutions that drive positive behavioural change while enhancing lifestyles. Arabic for a clay savings pot, Hassala is a fast and easy way to save for a new car, dream holiday, special gift, new born, college fund or simply a rainy day.

Customers can personalize it with a name, description and fun icon and create up to ten Hassalas to reach their goals, no matter how big or small. There’s no minimum balance required, and funds can be withdrawn and added at any time. To help flourish its customers’ savings, ila also offers tiered interest on Hassalas, as with its current BHD account, should customers choose to receive it.

This is just the start for ila’s Hassala. In its next version, customers will be able to set goals and track progress against their chosen targets and dates, save in multiple currencies available in the app and lock their Hassalas for specific terms and rates. Saving can’t possibly be any simpler.

Commenting on ila’s latest app release, ila Bank Bahrain’s CEO, Mohamed Al Maraj said: “By taking the first step and creating a Hassala, our customers are able to attain their goals faster than ever before. This is just the beginning of our journey to transform banking for them. We have exciting tailored savings schemes and upgrades coming up designed with our modern, ambitious customers in mind. “

“They encapsulate our firm commitment to create positive social impact through effortless money management solutions available at their fingertips, on their mobile devices. And as we learn more about our customers’ aspirations and financial pain points, we will continue to evolve and co-create future versions of ila alongside them,” he added.