Reem Finance Adopts next generation ITS ‘ETHIX’ Islamic Banking Solution

Abu Dhabi - 5 April 2011

Multiple branch expansion across the United Arab Emirates by end of 2011.

Abu Dhabi, April 5th, 2011: Reem Finance PJSC today announced the final deployment of its strategic Islamic banking solution, ETHIX financial solution. The web-service-based solution offers Islamic finance institutions a range of pre-defined business models including Islamic finance, Islamic investment as well as trading and delivery channels. Reem Finance signed a partnership agreement with International Turnkey Systems Group (ITS), the owner of the ETHIX financial solution. This agreement paved the way for the rapid deployment of the ETHIX solution at Reem Finance's headquarters in Abu Dhabi.

“This partnership with ITS is in line with our expansion strategy across the UAE. Presently, we are operating out of one branch in Abu Dhabi but plan to expand our branch network to multiple loca-tions across the country by the end of 2011,” said Fatma Al-Mansour, CEO of Reem Finance. “We chose to partner with ITS for their extensive experience in Islamic banking technology and the unmatched power of the ETHIX financial solution.”

After an extensive evaluation process Reem Finance selected ITS to implement the ETHIX financial solution as the most suitable vendor to achieve the company’s strategic technology and business goals. ITS rapidly customized, developed and deployed the ETHIX financial solution in record time to enable Reem Finance to proceed with its 2011 expansion plan.

“The ETHIX financial solution, the next generation solution for Islamic banking has allowed Reem Finance to reduce its total cost of ownership, operational costs and risks to meet growing customer demand for Islamic banking products and services,” said Khalid Al-Saeid, Managing Director and General Manager of ITS. “The fully integrated solution is Shariah compliant and has strong product definition features. We look forward to building a strong relationship with Reem Finance and assist in contributing to the company’s goal of being one of the most technologically advanced Islamic financial institutions in the region.”

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