International Islamic Bank picks core banking system and vendor
A greenfield bank in Iraq, International Islamic Bank (IIB), has signed for the ICS Banks core banking system from ICS Financial Systems (ICSFS).
IIB will implement the Islamic version of the system, with modules comprising: core operations, murabaha, musharaka, ijara, istisnaa, mudaraba, salam, qard hasan, time deposit, profit distribution, trade finance, credit facilities and risk groups, remittances, internet and SMS banking, and ERP, fixed assets, accounts payable, and procurement.
Suha Al-Kifae, deputy CEO of IIB, says as the bank plans “to grow domestically and internationally” it needs a “powerful partner” on the technology side. “That is why we have selected ICSFS,” she states.
The vendor is already well established in the Iraqi market, with around 20 users. Among them are Al-Arabiya Islamic Bank, Al Janoob Islamic Bank, Taawen Islamic Bank and Noor Al Iraq Islamic Bank.