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Dubai Islamic Bank, the world's first full-fledged Islamic bank, selects i-flex's FLEXCUBE

Dubai Islamic Bank has selected i-flex® solutions' (Reuters: IFLX.BO & IFLX.NS) FLEXCUBE® to service DIB's global banking operations.

Dubai Islamic Bank has signed a global agreement giving it the advantage of consolidating its world-wide operations on a common banking platform. The roll-out has already commenced for DIB's Pakistan operations and is slated to go live in Q1, 2006.

It is estimated that the Islamic banking institutions are managing funds in excess of US$ 200 billion globally. Customers of such banks are not confined to the Middle East countries alone but are spread over Europe, United States of America, Latin America and the Far East as well. More than 250 Islamic financial institutions operate worldwide.

"Our vision is to make Dubai Islamic Bank a progressive driving force for change in the Islamic banking community. Advanced technologies are pivotal change agents in this process and we have selected FLEXCUBE to facilitate this continual transformation. It is customer focused and remarkably flexible for introducing new banking products" said Mr. Aref Kooheji Executive Vice President Investment & Corporate Banking Group, Dubai Islamic Bank

"We are extremely delighted to have Dubai Islamic Bank as our customer - this is the beginning of a very strategic relationship for i-flex. Dubai Islamic Bank's selection of FLEXCUBE product suite underscores its functional richness and the ability to meet the expectations of Islamic Banking institutions. i-flex is an established player in addressing the automation needs of Islamic Banking institutions and our continual success in this arena is only reflective of our sharp focus on this sector." said Mr. Deepak Ghaisas, CEO - India Operations and CFO, i-flex solutions ltd.

"i-flex's integrated and comprehensive Islamic Banking platform will provide Dubai Islamic Bank with efficient operations via Straight through Processing, flexibility and quicker time to market for launch of new products and services," said Mr. Nadeem Busheri Group Head of IT, Dubai Islamic Bank.