To fuel Faisal Islamic Bank’s expansion plans in Egypt; ETHIX-Financial Solutions was selected due to its full compliance with Sharia and Central Bank of Egypt requirements
The largest and first bank of its kind in Egypt, Faisal Islamic Bank of Egypt, today signed a phased agreement with ITS (International Turnkey Systems) Group, a leading solutions provider for both Islamic and conventional banks, to deploy ETHIX-Financial Solutions, the leading banking technology solution from ITS. The solution is being deployed as part of Faisal Islamic Bank’s aggressive expansion plans in Egypt, a market that is set to witness exponential growth in the Islamic banking sector.
“The deployment comes as a part of our expansion plan in Egypt which is a fertile ground for Islamic banking services. Being the largest and first Islamic bank in Egypt, we are taking a pioneering step and investing in cutting edge technology to provide high quality products and services to meet the growing demand in Egypt,” said Dr. Ismail Al Malwany, IT general supervisor at Faisal Islamic Bank of Egypt. “We are expanding our footprint across Egypt and we believe that the ETHIX technology platform is key to enabling and developing our services offering.”
“There is no doubt that the cooperation with ITS will strengthen the bank’s performance and improve our Islamic banking services that will offer more advanced Islamic solutions that strictly comply with Shari’a Law,” Al Malwany continued.
ITS competed with 11 global and regional companies to win the project. The power of the ETHIX-Financial Solutions solution, along with the fact that ITS fully owns the entire ETHIX-suite platform of services, which was developed in Egypt and is fully customisable to customer specific requirements, was enough to close the deal. ETHIX-Financial Solutions is also in full compliance and fulfils the requirements of the Central Bank of Egypt.
“This agreement represents the new partnership between ITS and Faisal Islamic Bank, an institution that has a reputed history among its peers in Egypt,” said Khalid Faraj Al Saeid, managing director and general manager of ITS Group. “The partnership is the result of strong competition with global and regional leaders in the field. This is what makes it unique and confirms that ITS advanced services and products for Islamic banks are leaders in their field.”
The ETHIX technology solution is an innovative solution that provides banks and financial institutions with pre-defined models for Islamic finance or investment. Other solutions offered as part of the ETHIX technology suite include: ETHIX Core banking solution, ETHIX Branch, ETHIX Net, ETHIX-LC/LG, ETHIX-Fund, ETHIX-Portfolio, ETHIX Sukuk, ETHIX Retail Finance, ETHIX-Corporate Finance and ETHIX-Profit (Calculation & Distribution).
“With more than 35 years of experience, ITS responsibility is not limited to technical solutions. The group considers itself the best strategic partner, standing by the clients from beginning to end, with a common interest in mutual cooperation. The Egyptian market is considered as one of the largest and most competitive markets in the region,” Said Samer Saber, Sales Director - Banking.