ICSFS & PBZ CELEBRATES SUCCESSFUL GO LIVE OF ICS BANKS ISLAMIC AND ICS BANK

ICSFS & PBZ CELEBRATES SUCCESSFUL GO LIVE OF ICS BANKS ISLAMIC AND ICS BANK
06.03.2019 01:41 pm

ICSFS & PBZ CELEBRATES SUCCESSFUL GO LIVE OF ICS BANKS ISLAMIC AND ICS BANK

Banking , Islamic Finance

The People’s Bank of Zanzibar (PBZ), a state-owned and one of the oldest commercial banks in Tanzania, has successfully deployed and gone live on ICS BANKS ISLAMIC and ICS BANKS universal software suites from ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions.

The People’s Bank of Zanzibar (PBZ) is a fully-fledged commercial bank offering banking services in conventional and Islamic Banking for both, retail and corporate customers in Tanzania. PBZ was established in 1966 and is 100% owned by the Government of Zanzibar under the Ministry of Finance. ICSFS replaced PBZ’ legacy system and multiple disparate systems with its universal Islamic and conventional flagships and awards-winning banking and financial solutions ICS BANKS ISLAMIC and ICS BANKS universal software suites. PBZ will be working on ICS BANKS and ICS BANKS ISLAMIC software suites’ Core Banking, Credit Facilities & Risk Groups, Lending, Remittances, Trade Finance, Investment & Treasury, Murabaha, Istisna’a and Parallel Istisna’a, Musharaka, Ijara, Tawaruq, Mudaraba, Salam, Qard Hasan, Time Deposit, Profit Distribution, Investment Certificate of Deposit and part of ICS BANKS Digital Banking including ICS BANKS SMB (Smart Mobile Banking) and IBS (Internet Banking System). 

On this occasion Managing Director of PBZ Bank; Mr. Juma Hafidh stated, “With over 20 years of experience in the banking industry, PBZ’s customers already perceive 50% of the market share in Zanzibar. Working with ICS Financial Systems and running their banking software solutions will help us provide our loyal customers innovative and high-quality financial services. We are looking forward to a bright future, utilising the market’s utmost specialised, end-to-end comprehensive suites of conventional and Islamic banking applications, shari’a compliant products and services.”

Managing Director of ICSFS; Mr. Robert Hazboun commented, “The People’s Bank of Zanzibar will now enjoy banking on our modern banking technology platform, ICS BANKS ISALMIC and ICS BANKS universal software suites, to empower its banking services with a broad range of features and capabilities with more agility and flexibility to enrich the bank’s customers journey experience, hence improving the trust and confidentiality between The People’s Bank of Zanzibar and its customers. With ICS BANKS’ strong infrastructure, The People’s Bank of Zanzibar will be able to leverage high flexibility in customising its favourite themes, launching new products with interactive advertisement on its delivery channels and touch points, bringing flexibility at its edge.”

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 is a modular fully integrated solution designed and developed following the principles of Shari’a in compliance with the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). ICS BANKS Universal 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 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 

Related News

UnionBank is First PH Bank to Use Blockchain-based Tokenized Fiat for Account-to-account Cross-border Remittance

Union Bank of the Philippines (UnionBank) recently became the first Philippine bank to successfully pilot blockchain-based remittance from Singapore to the Philippines. This... Read more »

Atom bank raises £50m in latest fundraising round

Atom bank, the UK’s first bank built exclusively for mobile and the UK’s most trusted bank on Trustpilot, has raised £50m in a fundraising round with participation from BBVA,... Read more »

Icelandic acquiring bank Borgun hf. invests in cutting-edge FinTech from TruNarrative

Icelandic acquiring bank Borgun hf. – which offers Europe-wide payment processing and issuing services in Iceland – has invested in a new platform from TruNarrative, to help... Read more »

Union Bank & Trust Selects Newgen to Transform Customer Experience

Newgen Software Inc., a global provider of solutions managing content, processes, and communication, today announced that Union Bank and Trust (UBT) is implementing Newgen ... Read more »

New Age of the Banking Value Chain

Fintechs today are becoming an integral become a part the banking value change and as a result of the of the Digitization in the banking industry which is making its way slowly... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel