ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, announced that Al-Arabiya Islamic Bank, a newly established Bank located in Iraq, selected the multi-awards winning system ICS BANKS ISLAMIC System.

The signing ceremony took place in Amman Jordan Attending the ceremony were the General Manager of Al-Arabiya Islamic Bank; Mr. Duraid Yaseen Hamdan and the Executive Director for Business Development of ICSFS; Mr. Wael Malkawi.

Following the signing ceremony, the General Manager of Al-Arabiya Islamic Bank Mr. Duraid Yaseen Hamdan stated: “We chose ICS BANKS ISLAMIC System for its successful and dynamic accomplishments around the world, especially in the Iraqi market. We understand that the challenges we are facing today are quite difficult considering the growth of the Islamic banking in the region.” Yaseen added; “We  are looking forward to this significant partnership where ICSFS will support us in achieving our desired growth targets, on all aspects and levels.”   

Al-Arabiya Islamic Bank (AIB) will enjoy many offerings and advantages, by implementing ICS BANKS ISLAMIC Core Banking and Credit Facilities & Risk Groups (Murabaha, Musharaka, Istisn’a, Ijara, Mudaraba, Qard Hasan), Trade Finance, Remittances, Investment Accounts & Profit Distribution, Time Deposit, and from ICS BANKS DS (Delivery Channels); ICS BANKS IBS (Internet Banking System) and Credit Cards and ATMS Management System.

On this occasion, the Executive Director of Business Development at ICSFS; Mr. Wael Malkawi commented: “We are very optimistic towards this partnership where Al-Arabiya Islamic Bank joins our flourishing community in Iraq. At ICSFS, we provide innovative products by using the latest technologies to cover all financial services’ sectors from Universal, Islamic, Corporate, Investment and Retail banking solutions to Commercial, Finance Lease and Microfinance banking solutions and activities.” Malkawi added; “The project is planned to go live in a record time of two months, where Al-Arabiya Islamic Bank will be deploying the latest version of ICS BANKS ISLAMIC and enjoy its new look and feel unlimited benefits and our system’s unlimited offerings and advantages.”    
 
ICS BANKS provides a complete suite of banking business modules with a rich sweep of functionality and features, addressing business needs and automating accounting processes, as needed, to improve a bank’s business performance. ICS BANKS has always been a pioneer in utilizing the latest technology to serve financial institutions. In addition to its embedded Service-Oriented-Architecture (SOA), the system is deployed in a multi-tiered setup that runs on a web thin client.