Al Sanam Islamic Bank selects ICS BANKS Islamic Banking Solution from ICSFS

By Leandra Monteiro

Al Sanam Islamic bank, a newly established Islamic bank in Iraq, has selected ICS BANKS Islamic Banking software solution from ICS Financial Systems (ICSFS), the global software and services provider for banks and financial institutions.

The signing ceremony took place at ICSFS’ centre of excellence, Amman, Jordan. Al Sanam Islamic Bank will provide comprehensive, Shari’a-compliant financing products and services to the Iraqi market, with a robust focus on digital banking.

The bank will be implementing ICS BANKS Islamic Core, Financing Facilities & Risk Groups, Remittances, Murabaha, Mudaraba, Musharaka, Ijara, Istisnaa, Profit Distribution, Al Qard Al Hassan, Time Deposit, Trade Finance, ICS BANKS Digital, and ERP solutions.

“Al Sanam Islamic Bank is a newly-established bank in Iraq. We believe that our success will not be attained without a strong and reliable technology partner. This is why we chose the best tech provider. As we have seen, and believe in ICSFS’ longstanding commitment to its clients, where it will lead and sustain our business growth and drive our innovative products and services. Technology has changed the face of banking, and with ICSFS, our new strategic technology partner, we are sure we will be leapfrogging our way with innovative and future-proof technologies,” said Mo’ayead Abbas Jasem Al-Dabbas; Al Sanam Islamic Bank, Deputy Vice President.

“ICSFS has a very strong presence in Iraq, as we have been servicing the Iraqi market for more than twenty years. It is our privilege to welcome Al Sanam Islamic Bank to our ICS BANKS community. We are certain that our holistic Islamic banking application will best serve Al Sanam Islamic Bank in providing full coverage of the Islamic finance and banking ecosystem, driving innovation, increasing their ROI (Return on Investment), lowering TTM (Time-to-Market), and lowering their TCO (Total Cost of Ownership),” said Wael Malkawi; Executive Director, ICS Financial System.

ICSFS invests in its software suites by utilising modern technology in launching new products, constructing a secured and agile integration, and keeping pace with new standards and regulations worldwide. ICS BANKS software suite future-proof banking activities by providing a broad range of features and capabilities with more agility and flexibility, to enrich customers’ journey experience, hence improving the trust and confidentiality between the customer and the bank. ICS BANKS has always been a pioneer in utilising the latest technology to serve financial institutions. In addition to its embedded Service-Oriented-Architecture (SOA), the system can be deployed on-premises, hybrid, or cloud.