First Iraqi Bank selects ICS Banks core banking tech from ICSFS
First Iraqi Bank (FIB), a start-up financial institution in Iraq, has chosen the ICS banks core banking system from ICS Financial Systems (ICSFS).
Iraq’s first digital bank opts for the ICSFS core banking tech
FIB claims to be “the first and only fully digital bank in Iraq”. It has aspirations “to transform the banking sector in Iraq, the MENA region and other unbanked populations with a major cash-based society”, leveraging “the best practices of the East and the West”.
Shaymaa Ali Hussein, managing director of FIB, states: “The need for a digital bank in Iraq today is long overdue since it is dominantly a cash society.
“FIB is not only a bank, it also provides a new way of finance to Iraq, that will lead the Iraqi financial infrastructure to a new era.”
FIB floated an international request for proposal (RFP) to find the suitable software. ICS Banks “showcased outstanding functionalities and features that cover [the bank’s] current and future digital banking needs”, Ali Hussein says.
ICSFS already has presence in the country, with Al Wifaq International Islamic Bank, Al Mustashar Islamic Bank and Hammurabi Commercial Bank among the users of its flagship ICS Banks platform.
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