Oromia International Bank moves into Islamic banking, selects new core system
Ethiopia-based Oromia International Bank (OIB) has opted for the IBS Banks core banking system, supplied by ICS Financial Systems (ICSFS), to underpin OIB’s Islamic banking operations.
The solution will be deployed at the bank’s head office in Addis Ababa and rolled out across 200+ branches.
This is the first core banking software project for ICSFS in Ethiopia, Banking Technology understands.
It will support the full scope of the operations: core processing, murabaha, musharaka, ijara, istisna’a tawaruq, mudaraba, salam, qard hasan, salam Islamic, deposits, profit distribution, investment and treasury, trade finance, credit facilities and risk groups, remittances, internet, mobile and SMS banking, and management information system (MIS).
OIB’s president, Abie Sano, says the bank is “committed to providing fully-fledged interest-free banking”. Sano adds that ICS Banks will help improve OIB’s operational efficiency.
For its conventional banking operations, OIB uses the OmniEnterprise core banking platform from an India-based tech vendor, Infrasoft.