New bank in Iraq selects BML Istisharat’s ICBS core banking system
Al Qurtas Islamic Bank, a new Iraqi bank based in Erbil, has selected the ICBS core banking system from regional supplier BML Istisharat.
It will become the tenth user of ICBS in the country. Other uses include Central Bank of Iraq, Erbil Bank, Minare Bank and National Bank of Iraq.
Go-live is scheduled for Q3 2017.
The bank took a broad range of modules:
- core: parameters and engines, customers and accounts, general batch processing;
- central modules: Islamic deposits, profit calculation and distribution, local authorities requirements;
- branches: branch management, chequebooks and clearing cheque handling, bankers’ cheques;
- Islamic financing: consumer and corporate murabaha, ijarah, istina, personal financing (tawarruq) and interest-free loans such as qard hasan;
- international modules: inbound/outbound transfers, letters of guarantee.
- Interfaces ATM/CDM/POS and card management interfaces, interface with payments solutions (RTGS and ACH).