ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, Islamic team have participated in The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) workshop, the leading international not-for-profit organisation primarily responsible for development and issuance of standards for the global Islamic finance industry.
AAOIFI held the 14th AAOIFI-World Bank Annual Conference on Sunday and Monday 06-07 Rabi Al-Awwal 1441H, 03-04, November 2019 at the Gulf Hotel in the Kingdom of Bahrain. ICSFS’ Islamic team attended a 2-day intensive workshop designed and developed for Islamic finance professionals which was held upon conclusion of the 14th AAOIFI-World Bank Annual Conference.
The workshop was conducted by AAOIFI’s Master Trainer(s) with the objective to introduce and study key points and highlights of the newly issued financial accounting standards (FAS)—from the conceptual, practical, and comparative aspects. ICSFS’ Islamic team, who are certified Islamic bankers (CIB) and certified Islamic specialists in accounting (CISA), attended the workshop where major topics and extensive usage of real-world case studies were discussed and learnt the technical complexities and implications involved in the implementation of the latest issued FAS.
ICS Financial Systems (ICSFS) has been a supporting member of AAOIFI for almost 10 years, with its ICS BANKS ISLAMIC software suite, which is a modular fully integrated solution designed and developed following the principles of Shari’ah in compliance with the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). ICS BANKS ISLAMIC consists of an Islamic core system, which provides all common operations between various banking activities, and a series of Islamic modules which cover the various different operational and business requirements of our specialised segments. ICS BANKS ISLAMIC can be offered as a complete stand-alone suite of Islamic Banking applications or as an Islamic Banking window, within the core system depending on the customer’s needs.
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 ISLAMIC software suites 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 ISLAMIC 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 in the cloud.