Wissam Khoury, Managing Director Middle East and Africa at Finastra

Iraqi challenger bank, Al Taif Islamic Bank has announced its selection of Finastra’s Fusion Islamic core banking solution.

According to the supplier, Finastra’s solution is pre-configured with Shari’ah compliant products, which will enable the banks to develop new services faster and roll them out through multiple channels at a low cost. The Fusion Islamic solution is also expected to assist IT teams whilst ensuring rapid time-to-market, minimizing risks and maximizing efficiency.

Reda Hamza, CEO at Al Taif Islamic Bank said, “Our vision is to challenge the status quo of the financial services sector in Iraq and there is a strong opportunity to offer new services to the unbanked population here. Working with Finastra means that we have access to wide resources and products which will help us launch our branch quickly as we roll out the digital offering, and then accompany us on our exciting growth journey.”

“We are looking forward to collaborating with Finastra and continuing our success story with our broad base of customers and positioning ourselves as leaders in Islamic Banking in Iraq.”

The selection will also allow the bank to benefit from Finastra’s FusionFabric.cloud and develop new features and capabilities in the cloud in the future either internally or in conjunction with external parties including Fintechs and developers.

Wissam Khoury, Managing Director Middle East and Africa at Finastra said, “Al Taif Islamic Bank is the first Iraqi private bank we have worked with, and is a great example of a forward-thinking organization ready to embrace digital. Whilst this deal is initially aimed at the bank’s retail customers, we have also signed a strategic partnership with the Al Taif Group’s IT arm (Al Taif Technical Services) to build skills and capabilities to help transfer knowledge in the growing Iraqi Fintech sector, enabling us to develop our presence in the region and encourage collaboration.”

Recently, Finastra’s Total Payments solution was selected by US based Silvergate Bank.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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