Deputy Assistant General Manager Anwar Mohammed Al-Bader said in a press release that this contract would also improve services in remittances and currency exchange.
Signing the contract attests to the bank's intentions of international expansion and venturing into foreign markets to offer unique solutions that are both feasible and in line with the restraints of Islamic sharia (law and code of ethics).
For Path Solutions company, Kuwait-based vendor of integrated Islamic banking software, Board Chairman Ahmad Al-Sager stated a big financial institution like KFH procuring this system gives a considerable strategic push forward in the company's Middle East growth.
The company's strategy, he pointed out, is to offer uniquely-tailored solutions. The new system would thus enable KFH to cut costs, increase efficiency, improve services, and hike productivity all within a sharia-compatible framework. Staff would be trained on the system and technical support and maintenance, he noted.