Wael Malkawi, executive director, ICSFS

ICS Financial Systems (ICSFS) said that Al Mustashar Islamic Bank has gone live with core banking software suite ICS BANKS ISLAMIC for its newly instated business in Iraq.

Last year, the lender had obtained approval of the Central Bank of Iraq to offer Sharia-compliant banking services in the country. ICSFS said it completed the launch and roll-out in a period of three months.

Al Mustashar will be implementing ICS BANKS ISLAMIC Core Banking System, Credit Facilities & Risk Groups, Murabaha, Musharaka, Ijara, Mudaraba, Qard Hasan, Time Deposit, Profit Distribution, Remittances and Trade Finance.

“As a newly established bank, we are looking for innovative and bespoke Islamic banking solutions to help us stay ahead in this highly competitive market,” said Ahmad Alsaadi, vice chairman, Al Mustashar Islamic Bank. “Working on ICS BANKS ISLAMIC will enable us to open new opportunities, to streamline operations and drive growth following the principles of Sharia.”

“ICSFS’ mantra has always been applying advanced technologies to cover all business’ scopes to provide banks and financial institutions with the highest financial and technology standards, and achieve their goals through bespoke practices,” said Wael Malkawi, executive director, ICSFS.

ICS BANKS ISLAMIC is a modular fully integrated solution designed and developed following the principles of Sharia in compliance with the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). In addition to its embedded Service-Oriented-Architecture (SOA), the system can be deployed on premises or in the cloud.

ICSFS, a global universal modular and core banking systems provider, has offices in UK, Jordan, UAE, Iraq, Saudi Arabia, Palestine, Sudan, Nigeria and Lebanon.

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by Parnika Sokhi
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