The First Neo Financial Institution in KSA opts for ICS BANKS Digital Platform from ICSFS

Banking
27.06.2022 12:00 pm

The First Neo Financial Institution in KSA; Loan Financing Company (LFC), a newly-established microfinance company in the Kingdom of Saudi Arabia, has selected ICS BANKS Digital Platform, a worldwide digital Shari’a compliant software solution, from ICS Financial Systems (ICSFS), the global software and services provider for banks and financial institutions.

The LFC has received a no-objection letter from the Saudi Central Bank (SAMA), which regulates and oversees the operations of banks and financial institutions across the country.

The LFC also received preliminary approval from SAMA to incorporate a consumer microfinance company, delivering financing solutions compliant with the Islamic Shari’a. The company will provide innovatively, end-to-end Shari’a-compliant lending products and services catering to customer need through a mobile application hosted in the cloud and available exclusively online.

The signing ceremony took place end of May of this year at the ICSFS Center of Excellence in Jordan and was headed by LFC’s Board Members and ICSFS’ Managing Directors.

"We have taken a big step in establishing a Neo Microfinance Company that will be run by cutting-edge technology. I would like to seize this opportunity to show my gratification towards this new strategic partnership with ICSFS. Having a reputable and solid strategic technology partner such as ICSFS by our side will support our mission of becoming a pioneer in this field in the Kingdom of Saudi Arabia. We look forward to taking further steps in the near future by launching our company’s business, and will hopefully be distinguished in becoming a role model to other neo microfinance companies in the Kingdom of Saudi Arabia and the region. We are excited to start our journey with ICSFS on our side. I thank the teams of ICSFS and LFC for their tremendous hard work and recognised efforts to reach this stage." – Dr. Sulaiman Ali Al-Hudaif; Board Member, Loan Financing Company

"As one of the first neo-financial institutions in the Kingdom of Saudi Arabia, it is our obligation to bring to the country the best-in-class microfinance products and services in the industry. After many researches and studies, we have opted for the most trusted, innovative, and strategic tech-savvy partner. With ICSFS’ end-to-end digital and open platform capabilities, we believe we will excel in providing a seamless and secured customer journey, and drive the Saudi microfinance industry into innovation excellency." – Mr. Abdulrahman Al-Hudaif; Chairman, Loan Financing Company

"Despite the growing competition with endless disruptive innovation, ICSFS has had the foresight to capitalise on digital banking and services, providing a cloud platform that caters to each customer’s individual and bespoke needs, from digital-only Islamic institutions and micro-finance to hybrid and cloud solutions. We are honoured to have been chosen by LFC, and we look forward to providing them with our bespoke microfinancing product and services." – Mr. Robert Hazboun; Group Managing Director, ICS Financial System