Iraq's Al Mustashar Islamic Bank deploys ICSFS banking software

by **claud39** on Wed Jan 23, 2019 2:08 pm

https://www.verdict.co.uk/retail-banker-international/news/iraqs-al-mustashar-islamic-bank-deploys-icsfs-banking-software/

[size=38]Iraq's Al Mustashar Islamic Bank deploys ICSFS banking software[/size]

January 22, 2019

Al Mustashar Islamic Bank, a newly established bank in Iraq, has started operating on the ICS Financial Systems (ICSFS)-provided Islamic banking software.

ICSFS completed the rollout of its ICS BANKS ISLAMIC solution in three months.

The ICS BANKS ISLAMIC is a modular fully integrated solution developed in accordance with the norms of Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).

Al Mustashar Islamic Bank will implement ICS BANKS ISLAMIC Core Banking System, Credit Facilities & Risk Groups, Time Deposit, Remittances and Trade Finance and other Islamic banking services.

Al Mustashar Islamic Bank vice-chairman Ahmad Alsaadi said: “As a newly established bank, we are looking for innovative and bespoke Islamic banking solutions to help us stay ahead in this highly competitive market.

“Working on ICS BANKS ISLAMIC will enable us to open new opportunities, to streamline operations and drive growth following the principles of Shari’a.”

In the second quarter of last year, the lender secured the Central Bank of Iraq approval to provide Shari’a-compliant banking services.

ICSFS executive director Wael Malkawi said: “ICSFS’ mantra has always been applying advanced technologies to cover all business’ scopes to provide banks and financial institutions with the highest financial and technology standards, and achieve their goals through bespoke practices.

“Al Mustashar Islamic Bank will enjoy ICS BANKS ISLAMIC universal software’s complete and integrated end-to-end comprehensive suite through automating its banking services.”

ICSFS is engaged in providing modular, core banking systems to financial intuitions. The company has its offices in the UK, the UAE, Saudi Arabia, Jordan and other countries.

by **claud39** on Wed Jan 23, 2019 8:33 pm

http://www.icsfs.com/en/news/al-mustashar-islamic-bank-goes-live-record-time-ics-banks-islamic-icsfs

Al Mustashar Islamic Bank Goes Live in Record Time with ICS BANKS ISLAMIC From ICSFS

January, 2019

Al Mustashar Islamic Bank will Deliver Leading Banking Services in Iraq by using ICS BANKS ISLAMIC

Baghdad, Iraq: ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, announced that Al Mustashar Islamic Bank, a recently established bank in Iraq, is now operating on its multi-awards winning Islamic banking software suite ICS BANKS ISLAMIC.

Al Mustashar Islamic Bank is a newly registered bank in Iraq that obtained approval of the Central Bank of Iraq in the second quarter of 2018, to offer Shariah-compliant banking services. ICSFShave successfully launched and rolled-out its universal Islamic flagship and awards-winning banking and financial solution ICS BANKS ISLAMIC in a record-breaking time of only 3 months, where Al Mustashar will be implementing ICS BANKS ISLAMIC Core Banking System, Credit Facilities & Risk Groups, Murabaha, Musharaka, Ijara, Mudaraba, Qard Hasan, Time Deposit, Profit Distribution, Remittances and Trade Finance.

On this occasion Al Mustashar Islamic Bank’s Vice Chairman Mr. Ahmad Alsaadi stated,“We are delighted to have become part of ICSFS expanding customers. As a newly established bank, we are looking for innovative and bespoke Islamic banking solutions to help us stay ahead in this highly competitive market. Working on ICS BANKS ISLAMIC will enable us to open new opportunities, to streamline operations and drive growth following the principles of Shari’a.” Alsaadi added “ICSFS’ wide experience and remarkable worldwide success and specifically in Iraq is one of the many key incentives for choosing ICSFS as our technology partner."

ICSFS’ Executive Director; Mr. Wael Malkawi commented,“ICSFS’ mantra has always been applying advanced technologies to cover all business’ scopes to provide banks and financial institutions with the highest financial and technology standards, and achieve their goals through bespoke practices. Al Mustashar Islamic Bank will enjoy ICS BANKS ISLAMIC universal software’s complete and integrated end-to-end comprehensive suite through automating its banking services.” Malkawi added “We are keen to partner with Al Mustashar Islamic Bank to grow its business and deliver greater customer satisfaction.”

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 ISLAMIC 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 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.

-Ends-

About ICS Financial Systems Ltd. - (ICSFS)
A leading provider of modular, universal banking systems with offices in United Kingdom, Jordan, United Arab Emirates, Iraq, Saudi Arabia, Palestine, Sudan, Nigeria and Lebanon. ICSFS is a leading provider of a universal modular, core banking systems, whose success can be attributed to its turnkey offerings; ICS BANKS and ICS BANKS ISLAMIC, which serves and supports customers across the globe. ICSFS provides fully integrated universal banking applications that deploy solutions and a range of professional services to automate and streamline banking services on premises or in the cloud. www.icsfs.com

About Al Mustashar Islamic Bank
A newly established Islamic Bank based in Iraq, was officially registered by the central Bank of Iraq, in order to deliver banking service.