Al Mustashar Islamic Bank Goes Live in Record Time with ICS BANKS ISLAMIC From ICSFS

January, 2019

Baghdad, Iraq: ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, announced that Al Mustashar Islamic Bank, a recently established bank in Iraq, is now operating on its multi-awards winning Islamic banking software suite ICS BANKS ISLAMIC.

Al Mustashar Islamic Bank is a newly registered bank in Iraq that obtained approval of the Central Bank of Iraq in the second quarter of 2018, to offer Shariah-compliant banking services.

ICSFS have successfully launched and rolled-out its universal Islamic flagship and awards-winning banking and financial solution ICS BANKS ISLAMIC in a record-breaking time of only 3 months, where Al Mustashar will be implementing ICS BANKS ISLAMIC Core Banking System, Credit Facilities & Risk Groups, Murabaha, Musharaka, Ijara, Mudaraba, Qard Hasan, Time Deposit, Profit Distribution, Remittances and Trade Finance.

We are delighted to have become part of ICSFS expanding customers. As a newly established bank, we are looking for innovative and bespoke Islamic banking solutions to help us stay ahead in this highly competitive market. Working on ICS BANKS ISLAMIC will enable us to open new opportunities, to streamline operations and drive growth following the principles of Shari’a.” Alsaadi added “ICSFS’ wide experience and remarkable worldwide success and specifically in Iraq is one of the many key incentives for choosing ICSFS as our technology partner.

– Mr. Ahmad Alsaadi; Vice Chairman, Al Mustashar Islamic Bank

ICSFS’ mantra has always been applying advanced technologies to cover all business’ scopes to provide banks and financial institutions with the highest financial and technology standards, and achieve their goals through bespoke practices. Al Mustashar Islamic Bank will enjoy ICS BANKS ISLAMIC universal software’s complete and integrated end-to-end comprehensive suite through automating its banking services.” Malkawi added “We are keen to partner with Al Mustashar Islamic Bank to grow its business and deliver greater customer satisfaction.”

– Wael Malkawi; Executive Director of ICSFS

ICSFS invests in its software suites by utilising modern technology in launching new products, constructing a secured and agile integration, and keeping pace with new standards and regulations worldwide. ICS BANKS software suite future-proof banking activities by providing a broad range of features and capabilities with more agility and flexibility, to enrich customers’ journey experience, hence improving the trust and confidentiality between the customer and the bank. ICS BANKS has always been a pioneer in utilising the latest technology to serve financial institutions. In addition to its embedded Service-Oriented-Architecture (SOA), the system can be deployed on-premises or on the cloud.

About ICS Financial Systems Ltd. – (ICSFS)

A leading provider of modular, universal banking systems with offices in United Kingdom, Jordan, United Arab Emirates, Iraq, Saudi Arabia, Palestine, Sudan, Nigeria and Lebanon. ICSFS is a leading provider of a universal modular, core banking systems, whose success can be attributed to its turnkey offerings; ICS BANKS and ICS BANKS ISLAMIC, which serves and supports customers across the globe. ICSFS provides fully integrated universal banking applications that deploy solutions and a range of professional services to automate and streamline banking services on premises or in the cloud.

About Al Mustashar Islamic Bank

A newly established Islamic Bank based in Iraq, was officially registered by the central Bank of Iraq, in order to deliver banking service.

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