ICSFS gains new core banking system client in Iraq, Al-Arabiya Islamic Bank
New core banking software project for ICSFS in Iraq
Al-Arabiya Islamic Bank (AIB), a greenfield bank in Iraq, has opted for the Islamic version of the ICS Banks core banking system from regional vendor ICS Financial Systems (ICSFS).
Duraid Yaseen Hamdan, general manager of AIB, says the choice was influenced by the vendor’s “successful and dynamic accomplishments” in the Iraqi banking market.
ICFS says it has 19 customers in Iraq. These include Warka Bank for Investment and Finance, Bank of Baghdad, Iraqi Islamic Bank, Trans Iraq Bank, Mansour Bank, United Bank of Iraq for Investment, and Region Trade Bank for Investment and Finance (RT Bank, former Emerald Bank).
AIB will implement the ICS Banks modules for core, credit facilities and risk groups, trade finance, remittances, investment accounts and profit distribution, time deposit, delivery channels/internet banking, credit cards and ATM management.
Wael Malkawi, executive director of business development at ICSFS, says the project is set to go live “in a record time of two months”.
Last year, another start-up bank in Iraq, Cortas Islamic Bank, opted for the ICBS core banking system from BML Istisharat.
