08

Jun 2014

ITS deploys Islamic Banking Technology to Increase Efficiency and Reduce Operational Costs

ITS (International Turnkey Systems), a regional ICT provider, today announced another successful regional upgrade for a financial institution, offering increased performance and reduced operational costs with a Shari’ah compliant solution.


​The secure, flexible and reliable ETHIX suite of financial services, was provided by ITS for Barwa Bank and forms the core banking technology for financial institutions, boosting its operational and growth capabilities, enabling it to offer new customer centric solutions in the spirit of Shari'ah-compliance.



By investing in a new finance technology solution, Barwa Bank will significantly reduce its operational expenditure as ETHIX consolidates all of its services under one unified system. By having more control and streamlined processes across its entire business, the bank will be able to achieve greater efficiency, speed up product development and create a stronger and more valuable experience for its customers in the region

Hassan Al Awad, AGM Group Head of IT & PMO from Barwa Bank explained its rational for choosing to work with ITS on this project: "We understood that in order for us to improve the services we provide our customers, we needed to invest in this state-of-the-art Islamic finance technology. Now we can provide the most competitive products in the market. ETHIX brings a unified and consolidate solution, which is designed to meet our specific requirements."

 

Keith Bradley, Group Chief Operation Officer & GM International from Barwa Bank explained its rational for choosing to work with ITS on this project: "Our ultimate aim of investing in this state-of-the-art technology was to ensure that we could improve the services that we offer our customers, providing the most competitive Islamic financial products in the market. ETHIX was the perfect fit for our business, offering a unified and consolidated solution, which centralized all our programs into one easy to manage system. It is specifically designed to meet our requirements in several aspects, including managing processes of completion and executing transactions, the integration of various departments, divisions and units to ensure streamlined access to information and swift transactions."

 

ETHIX is a solution that has been attracting increased interest from regional financial institutions from across the GCC due to its range of benefits and its impact upon businesses' bottom line. In fact the financial solution is largely recognized as one of the most scalable financial technology solutions available worldwide.

 

ITS recently received industry acclaim for its ETHIX suite of services by winning both the 'Best Islamic Finance Technology' conferred at the World Islamic Retail Banking Conference 2013 and 'Best Technology Vendor' at the CPI Financial Islamic Business and Finance Awards 2013.

 

"This announcement with ITS represents a milestone for Barwa Bank as we maximize our efforts to deploy the best Shari'ah compliant financial services for our customers. We look forward to witnessing how it will reduce our operational and maintenance expenditure and the time it will save our operations department. " Continued Keith

 

Hany Ramadan, Director – Global Financial Solutions (Part of ITS Group) noted: "The completion of this project marks yet another successful deployment of ETHIX within a regional financial powerhouse such as Barwa Bank. It is encouraging to see many banks realizing the impact that ETHIX can have on their business. We have provided Barwa a flexible solution that empowers its financial processes, facilitating a greater control of its services and ultimately allowing for better customer services and experiences. We have a strong track record of working with leading financial institutions in the Middle East and specifically integrating our award winning ETHIX platform with existing core banking software infrastructures".

 

The Shari'ah-compliant ETHIX solution is designed to support financial institutions to reach operational excellence, accommodate growth and achieve cost leadership in the financial services sector. ETHIX provides multi-channeled corporate and retail products and services in Islamic finance and investment including core banking, trade finance, branch automation, online banking, dashboards and reports in addition to other products and services that represent an answer to the challenges encountered by the financial institutions which can only serve to enhance their competitive edge.

 

Understanding better than any other Shari'ah-compliant features and specificities ITS created a full suite of ETHIX solutions including ETHIX-Core, ETHIX-Branch, ETHIX-Finance, ETHIX-Trade, ETHIX-360°, ETHIX-Connect (IFX), ETHIX-Switch Connection, ETHIX-Treasury, ETHIX (SMS), ETHIX-PCD, ETHIX-Launch Pad.

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