BENEFIT Secures ISO 37301:2021 Compliance Certification
Manama: BENEFIT has achieved a significant milestone by obtaining the ISO 37301:2021 compliance certification from the British Standards Institution (BSI), making it the first organization in the Kingdom of Bahrain to receive this recognition.
According to Bahrain News Agency, this achievement underscores BENEFIT's dedication to maintaining international compliance standards. It highlights the company's effective compliance management practices and its commitment to fostering a culture of integrity and accountability. Maryam Kamal, Senior Manager of Compliance and MLRO at BENEFIT, expressed pride in the accomplishment, emphasizing the company's dedication to creating a transparent and ethical work environment that aligns with global standards.
The certification was granted following a thorough evaluation by BSI, which examined BENEFIT's policies, procedures, and systems to ensure they met the rigorous standards of ISO 37301:2021.
BENEFIT's success in obtaining this certification sets a benchmark for other
organizations in Bahrain and the region. It demonstrates how a strong compliance culture can drive sustainable growth and operational excellence. BENEFIT's adherence to compliance not only boosts its reputation but also reinforces Bahrain's leadership in adopting international standards.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Syyaha
a day ago
- Syyaha
Ministry of Economy awards second collective music management licence to Music Nation
The UAE Ministry of Economy granted its second collective music management licence to 'Music Nation' during a ceremony held at its headquarters in Dubai. The licence authorises the organisation to manage the distribution of rights on behalf of music creators and performers, while also ensuring nationwide compliance among music platforms. The announcement was made during an event attended by Abdullah Ahmed Al Saleh, Under-Secretary of the Ministry of Economy, and Dr. Abdulrahman Hassan Al Muaini, Assistant Under-Secretary for Intellectual Property. The Ministry confirmed that the licence was issued in accordance with Federal Decree-Law No. 38 of 2021 concerning copyright and related rights. It marks the continuation of the Ministry's efforts to strengthen intellectual property frameworks in the UAE, following the first collective management licence awarded to the Emirates Music Rights Association in April 2025. Al Saleh said, 'Under the vision of our wise leadership, the UAE has placed strategic emphasis on enhancing the competitiveness of its cultural and creative industries, driving their growth both regionally and globally. Recognising their vital role in national economic growth, we are committed to fostering public-private collaboration to cultivate an enabling environment for talent and innovation. By elevating the creative economy's legislative framework to world-class standards, we aim to expand the private sector's participation in it, in line with the National Strategy for Cultural and Creative Industries 2031.' The Under-Secretary said in his speech, 'The Ministry remains committed to establishing a world-class copyright governance system, drawing on international best practices. We are achieving this through strengthening legal and regulatory frameworks, fostering investment in creative sectors, and implementing robust collective management systems. These measures safeguard intellectual property rights while building creators' trust in the nation's creative ecosystem.' 'The collective music management licence serves as a catalyst for cultural innovation while safeguarding artists' intellectual property rights. Through establishing transparent revenue distribution systems and fair compensation mechanisms, it elevates the UAE's music industry – enhancing its global competitiveness and positioning our nation as a premier hub for creative enterprises,' he added. Al Saleh emphasised that awarding the licence to 'Music Nation' marks a strategic milestone in the UAE's commitment to fostering creativity. The initiative unlocks new opportunities for artists, writers, and producers while strengthening rights protection and leveraging creative-economy tools – ultimately positioning the sector as a key driver of national economic growth. Dr. Abdulrahman Hassan Al Muaini said, 'Our music industry is witnessing remarkable growth, fuelled by an expanding ecosystem of creative enterprises and world-class events. Dubai alone boasts 350 live music venues, while the national streaming market generated US$841.9 million in 2024 – projected to nearly triple to US$2.3 billion by 2030. To sustain this momentum, the Ministry of Economy is prioritising robust legislative frameworks that will further catalyse the creative economy and foster artistic innovation.' He added, 'Building on last month's inaugural licence granted to the Emirates Music Rights Association, today marks another significant milestone with the official authorisation of Music Nation. We are actively collaborating with local and global partners, including industry associations and legal experts, to share best practices that drive sector growth. In tandem, we're expanding awareness initiatives to ensure artists, composers, and producers fully leverage these licences to protect both their creative works and financial interests.' 'Today marks a pivotal moment for the UAE and Music Nation,' said Rasha Khalifa Al Mubarak, Chairwoman of the Board of Directors for Music Nation. 'After years of careful planning, Music Nation is positioned to become a cornerstone of music licensing, empowering the Emirates' vibrant creative industry. ''As an Emarati, I am honoured to establish a world-class music rights infrastructure that not only elevates local artists to greater heights, but also showcases our rich musical heritage and cultural traditions to the world. In partnership with industry leaders BMI and SoundExchange, our cutting-edge technology and services will protect music rights holders and propel the UAE's music economy to new frontiers,' she added.
Biz Bahrain
3 days ago
- Biz Bahrain
BENEFIT launches fourth edition of FinTech Internship Program ‘MASAR'
BENEFIT, the Kingdom's innovator and leading company in Fintech and electronic financial transactions service, has officially announced the launch of the fourth edition of its annual FinTech Internship Program 'Masar'. This strategic program is designed to cultivate the potential of Bahraini youth by equipping them with hands-on experience, and skills development in the FinTech sector. Aimed at empowering 40 aspiring Bahraini trainees, Masar serves as a gateway into the FinTech ecosystem, offering participants the opportunity to gain real-world exposure, sharpen their innovative thinking, and actively contribute to advancing the Kingdom's digital economy. The fourth edition of Masar is open to all talented Bahraini university students, as well as members of the BENEFIT family, reflecting the program's commitment to inclusive national talent development. Aligned with the highest industry standards, it offers advanced training in emerging financial technologies alongside hands-on workshops, enabling participants to work on real-world projects under the guidance of experienced professionals at BENEFIT. Mr. Salah Al Awadhi, Chief Human Resources Officer, commented, 'We are pleased to launch the fourth edition of the Masar program, building on the strong foundation and success of its previous cycles. This initiative reflects our commitment to advancing national talent and equipping Bahraini youth with the specialised skills required to thrive in the FinTech sector—an increasingly vital pillar of the digital economy. We firmly believe that investing in human capital is fundamental to sustainable progress, and we are confident in the ability of Bahraini youth to play a leading role in shaping the Kingdom's digital future.' Mr. Al Awadhi affirmed that the latest edition of Masar is designed to advance the development of a highly skilled, innovation-driven generation equipped to meet the evolving needs of the FinTech sector. By emphasising experiential learning and critical problem-solving, the program empowers participants to apply their academic knowledge in practical settings. It serves as a vital platform for preparing future FinTech leaders who will contribute to Bahrain's Vision 2030 and the broader goal of fostering a resilient, knowledge-based economy.
Biz Bahrain
5 days ago
- Biz Bahrain
Bahrain Bourse and BENEFIT Partner to launch eIPO Service on BenefitPay as part Bahrain Clear Service Offering
BENEFIT, the Kingdom's innovator and leading company in Fintech and electronic financial transactions service, has signed a strategic cooperation agreement with Bahrain Clear, a fully-owned subsidiary of Bahrain Bourse, to launch eIPO Service (electronic initial public offering service) on BenefitPay. This initiative marks a significant advancement in streamlining investor access to public share offerings on the Bahrain Bourse. The new feature within the BenefitPay application, expected to be launched Q4 2025, will provide a fully integrated digital platform that enables users to subscribe to IPOs listed on the Bahrain Bourse. With its intuitive and user-friendly interface, the service will ensure a smooth end-to-end experience—from registration through to payment—while offering detailed and up-to-date information on available public offerings. This enhancement aims to provide retail investors with streamlined access to investment opportunities, improving both accessibility and overall user convenience. Shaikh Khalifa bin Ebrahim Al Khalifa, Chief Executive Officer of Bahrain Bourse and Vice Chairman & Managing Director of Bahrain Clear stated 'We are pleased to collaborate with BENEFIT—an instrumental force in advancing Bahrain's digital financial infrastructure—to expand the reach of our eIPO services through the BenefitPay platform. The eIPO service provides a secure, streamlined process for submitting and managing IPO subscription applications. Integrating this service within BenefitPay represents a strategic evolution in our efforts to enhance investor accessibility, simplify the subscription process, and foster greater public participation in capital market opportunities.' 'The eIPO platform aims to further complement current service offering by Bahrain Clear, and aims to be aligned with the key objective of Financial Services Sector Development Strategy (2022-2026),' Shaikh Khalifa added. Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi, stated: 'We are pleased to announce this strategic partnership with Bahrain Bourse, which represents a major step forward in advancing digital financial services across the Kingdom. By integrating eIPO functionality into BenefitPay, we are enabling individual investors to subscribe to IPOs more efficiently, securely, and transparently. This service simplifies the subscription process and encourages broader investor participation in IPOs—solidifying BENEFIT's role as a key enabler of digital transformation within the Bahrain Bourse and the wider financial ecosystem.' Mr. AlJanahi further added, 'This initiative underscores BENEFIT's ongoing efforts to support the Kingdom of Bahrain's dynamic digital transformation within the banking and financial services sector. We remain dedicated to continuously enhancing the capabilities of the BenefitPay platform by introducing forward-looking features that promote financial inclusion and encourage a more informed and engaged investment community. We are confident that this collaboration will play a meaningful role in increasing investor participation and further strengthening the capital market ecosystem.'
