ICSFS Social Gazette Highlights of 2022

Our Biggest Headline OF 2022

TrustBank PJSB, One of the Banking Industry leaders in Uzbekistan, has selected ICS BANKS® Islamic Banking software suite from ICS Financial Systems – ICSFS, to implement into their newly established Financial Institute: Trast Muamalat LLC.

The Signing ceremony which was attended by Mr. Kamil Gabbazov, Deputy Chairman of Trast Muamalat, Mr. Wael Malkawi, Executive Director, and Mr. Nidal Bashaireh, CIS Territory Manager of ICS Financial Systems, took place during the Uzbekistan Economic Forum 2022, held in Samarkand on November 2nd and 3rd 2022.

Success Story

Al Rajhi initiated its Universal & Digital Banking study and replacement project a couple of years ago, and opted for a fully-fledged Islamic banking platform and a holistic digital banking platform from ICSFS, to elevate financial services offerings to their valued customers.

celebrating another year of ACHIEVEMENTS

World Finance,  the voice of the market magazine, awarded  ICS Financial Systems Limited (ICSFS)’ Group CEO & Managing Director; Robert Hazboun, in its World Finance Summer 2022 edition, under the World Finance – Islamic Finance Awards 2022, for his Lifetime Achievement in Financial Technology Innovation.

The latest edition of World Finance magazine is out now and has confirmed (ICSFS) as Best Islamic Banking & Finance Software Provider as part of its 2022 Islamic Finance Awards. ICSFS has been supporting the Islamic banking sector through its Shari’a-compliant ICS BANKS® Islamic software solutions, for more than two decades.

The ICSFS Client List continues to grow

UR Islamic Bank for Investment provides a portfolio of Islamic banking products to both; corporate and retail clients in the Iraqi market. The bank’s mission is to become a leading Islamic banking institution inside Iraq and globally, by utilising ICS BANKS® Islamic Shari’a-compliant and digital financing solutions have a strong focus on customer needs driven by specialised industry insights, digital innovation, and the highest commitment to service quality.

ICSFS has successfully delivered the project on time and on budget. The Solution’s high performance level is astounding!

- Chairman of UR Islamic Bank for Investment

AlRajhi Bank Jordan, initiated its Universal & Digital Banking study and replacement project a couple of years ago, and opted for ICS BANKS® fully-fledged Islamic banking platform and ICS BANKS® holistic digital banking platform from ICSFS, to elevate financial services offerings to their valued customers.

Al Sanam Islamic bank, a newly established Islamic bank in Iraq, has selected ICS BANKS® Islamic Banking software solution from ICSFS.

The bank will be implementing ICS BANKS® Islamic Core, Financing Facilities & Risk Groups, Remittances, Murabaha, Mudaraba, Musharaka, Ijara, Istisnaa, Profit Distribution, Al Qard Al Hassan, Time Deposit, Trade Finance, ICS BANKS® Digital, and ERP solutions.

HCB is the first universal bank to open its headquarters in Hadhramout. The bank will provide commercial, retail, investment, corporate, digital, and private banking products and services through ICS BANKS® Universal Banking’s  holistic software suite. ICSFS will enable the bank to provide the most innovative digital products and services to its customers, to support the bank’s mission in becoming a leading universal banking institution in Yemen.

After carefully evaluating alternative systems, Al Kawthar recognized ICS BANKS® Islamic Finance Leasing to be the most reliable, cutting-edge software solution to deploy for their operation; based on its innovative and fully integrable technology covering the full leasing cycle.

Al-Ataa Islamic Bank for Investment and Finance, has selected ICS BANKS® Islamic Platform, a worldwide digital Shari’a compliant software solution, from ICSFS, the global software and services provider for banks and financial institutions.

The Bank is licensed to offer Islamic banking and investment services by the Central Bank of Iraq. The bank is focused on providing distinctive banking and finance solutions.


First Iraqi Bank (FIB) is literally the first Iraqi bank to make digital banking a reality for the Iraqi people. The bank empowers its customers by guiding them into tomorrow, today. FIB customers can open a fully licensed bank account from their mobile phone in under 5 minutes, for free. The FIB mobile application will be used to make and receive payments online and in person, send money locally and internationally, and much more.


The First Neo Financial Institution in KSA; Loan Financing Company (LFC), a newly established microfinance company in the Kingdom of Saudi Arabia, has selected ICS BANKS® Digital Platform, a worldwide digital Shari’a compliant software solution, from ICS Financial Systems (ICSFS), the global software and services provider for banks and financial institutions.

2022: An Eventful Year!

ICSFS, in partnership with AL-AWAEL, Fortinet, and Huawei; has brought together a comprehensive one full-day Banking Solutions Summit,  Emphasising on the importance of digital transformation processes and roadmap, as well as its utilisation in banking and financial institutions, which provides a great service to users in managing their accounts remotely, financial inclusion, better customer service and more customer reach.

Hosted by the Uzbekistani Government, with the support of the World Bank and Asian Development Bank (ADB); the forum was held in the historic city of Samarkand on the 2nd and 3rd of November 2022.

ICSFS showcased its award-winning ICS BANKS® Digital and Islamic Banking solutions and engaged in discussions regarding the impact of fintech on the banking and financial sector in Uzbekistan and the region.

ICS Financial Systems Limited – ICSFS, the global software, and services provider for banks and financial institutions participated as a Networking Sponsor at the 3rd Edition of Future Banks Summit – KSA. ICSFS shared the latest technological innovations of its ICS BANKS® Digital Banking software solution.

ICSFS Participates in Team Building Program with Jordan Kuwait Bank

At the Dead Sea in Jordan, ICSFS participated in a team building program “Team Building Through Values” with one of our clients in Jordan, Jordan Kuwait Bank. The Challenger Team led the program to strengthen team spirit and abilities to identify a shared goal and work together to achieve it as a unit.

ICSFS Insights

Despite the double shock of the COVID-19 pandemic and raging global inflation, momentum from the Islamic finance industry has stepped up – again. 

While GCC countries are the most important movers, Islamic banking is gaining traction in Malaysia, Indonesia, Turkey, and Pakistan. Despite the extreme adverse environment last year, global Islamic assets grew by 10.6 % in 2020.