i-flex's FLEXCUBE® enabled for Islamic Banking; Shamil Bank to implement FLEXCUBE as Core Banking Platform

Bahrain, November 21, 2004: Shamil Bank of Bahrain and i-flex solutions today signed an agreement to implement FLEXCUBE – i-flex’s flagship product and world’s best-selling banking solution at Shamil Bank. FLEXCUBE, which has been enabled for Islamic Banking practices, will be the core-banking platform for Shamil Bank, powering its retail, corporate and investment banking operations. i-flex solutions is represented in Bahrain by the reputed IT company, Almoayyed Computers.

Implementing FLEXCUBE will provide Shamil Bank the advantage of reaching out to customers over multiple channels such as the ATM, Internet, IVRs and mobile devices, as well as allowing more purposeful customer engagements through traditional channels such as branches. The Shamil Bank win provides i-flex the opportunity to showcase FLEXCUBE’s ability to operate within the highly nuanced Islamic Banking practices while integrating the bank with global banking norms. The win also ushers i-flex into the Islamic Banking market, comprising over 200 banks around the world.

Speaking on the occasion, Deepak Ghaisas, CEO and CFO, i-flex solutions, said, "Shamil Bank is a very prestigious win for us, and we are confident that we will provide Shamil Bank the competitive advantage to stay ahead of competition. i-flex views the opportunity in the Islamic Banking market with great seriousness and sees much business potential in taking FLEXCUBE to similar financial institutions in other parts of the world as well. We are delighted with the prospect of bringing the advantages of software technology to Islamic Banking practices."

Emphasizing the need for Shamil Bank to maintain its leadership position, Dr. Said Sa'ad Al-Martan, Chief Executive, Shamil Bank, said, "The core issues we are grappling with are servicing the expectations of our customers, cutting our operational costs, and out-pacing our competition in the marketplace. Implementing FLEXCUBE will help us meet these objectives."

"IT has moved from being just a business enabler to being a business driver. To be really competitive, banks need to think beyond just basic automation–and that is exactly what we have done at Shamil Bank," Dr. Al-Martan said.

Shamil Bank selected FLEXCUBE after an in-depth technical and business analysis, reaffirming FLEXCUBE as the platform of choice for banks that aim to grow rapidly based on highly differentiated product offerings.

"All new financial products and services we are exploring are intrinsically related to technology. Being the first to launch a product is not enough since products can be copied very fast. It is the customer service levels which matter–and that’s where technology comes to our rescue." "FLEXCUBE will offer us a single customer view, provide automation across multiple delivery channels and enable us to sell products like life insurance, bonds, credit cards, and so on," Dr. Al-Martan added.

Speaking on the occasion, Mohammed Almoayyed, Director - Almoayyed Computers, said," "Competition in the financial services sector has become intense, as banks vie with each other in providing better services and superior banking products to their discerning customers. In this complex and fast-changing environment, it is often the flexibility of banks to adapt to more customer friendly technologies that sets the competition apart. I must congratulate Shamil Bank for taking a significant step in that direction. Through our strategic partnership with i-flex Solutions, we shall endeavor to serve & support Shamil Bank in particular & the Islamic banking community in general".

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