Asia Alliance Bank Selects ICS BANKS Islamic Banking from ICSFS

Banking , Islamic Finance
20.05.2021 08:55 am

Asia Alliance Bank, multi-awards winning bank – recently awarded “The Best Bank for SMEs in Uzbekistan” by Asiamoney, and one of the leading banks in Uzbekistan, has selected ICS BANKS Islamic Banking software solutions from ICS Financial Systems (ICSFS), the global software and services provider for banks and financial institutions, with the collaboration of the Islamic Corporation for the Development of the Private Sector (ICD).

Chairman of the Management Board of Trustbank; Sardor Normukhamedov commented: “As one of the leading banks of the Republic of Uzbekistan, it is our privilege to be the first in adding Islamic Banking products to our services. We strive for becoming the best in providing high quality modern banking services as well Islamic banking services in the Uzbek’s banking sector, and with this new joint milestone with ICSFS and ICD – which is the very first of its kind, we are creating history!”

Chairman of the Management Board of Asia Alliance Bank, Mr. Ikram Abdukakhorov commented: “Being one of the first banks in Uzbekistan in adopting Islamic banking – in compliance with the Shari’a law, Asia Alliance Bank will be heading towards providing its clients with a new holistic banking exposure. We are committed to bring and expand our offerings by implementing innovative and trusted business and technology applications. We are excited about our new partnership with ICSFS, and look forward to a fruitful future.”

Asia Alliance Bank is a universal commercial bank which carries out all kinds of banking operations including servicing of the private and SME sector. Its principal activities are commercial and retail banking operations, transaction with foreign currencies, origination of loans, guarantees and letters of credit.

The bank has a strong and competitive market position and has established many partnerships with leading foreign banks where it has gained a strong reputation of a reliable partner. With ICS BANKS Islamic Banking software suite, Asia Alliance Bank will start offering many Islamic instruments of which; Islamic Core Banking, Murabaha, Ijarah, Mudaraba, Musharaka, Salam, Qard Hassan, Islamic Treasury and Investment, Trade Finance, Financing Facilities & Risk Groups, Istina’a and Parallel Istisna’a, Profit Distribution, and Time Deposit.

Asia Alliance Bank’s First Deputy Chairman of the Management Board, Mr. Umidjon Khakimov stated: “With over 90% of our population being Muslims, we believe many of our clients will be interested in utilising Islamic banking services. We opted for ICS BANKS Islamic Banking software solutions from ICSFS, to provide a fully functional Islamic products and services under the Shari’a law, which will in return, further strengthen our position in the Uzbek banking sector.”

Managing Director of ICSFS, Robert Hazboun stated: “It is our privilege to be chosen by Asia Alliance Bank, with ICSFS’ vast knowledge and experience in Islamic Banking, Asia Alliance Bank will rest assured to receive the bespoke Islamic banking instruments.”

Weal Malkawi; Executive Director of ICSFS commented: “Although we are living in a very challenging times due to the pandemic, ICSFS’ strong and solid reputation is paving its way into new regions. Our ICS BANKS Islamic is being used by many of our universal banking clients, adding Asia Alliance Bank to our client community base is a true testament to our succession.”

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 or on the cloud.