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Mar 2014

ITS launches a new Shari’ah Compliant Financial Services for Regional Customers

ITS - International Turnkey Systems (ITS) announced the successful completion of an ICT project with Kuwait International Bank (KIB) to upgrade its banking systems offering integrated and state-of-the-art Shari’ah compliant financial services.

ITS, a specialist in supplying Islamic Banking technology is leading the project to deploy ITS Sharia'ah compliant ETHIX financial solutions with KIB which will be applied and operating in all the 26 branches of the bank across the country.

Within the first day of the banking system going live, KIB, which was awarded Best Islamic Bank in 2014, received over 5,000 successful financial transactions and already reported a notable performance level improvement.

ETHIX will reduce operational expenditure by consolidating the Bank's original services under one unified system, which will improve customer services and experience, speed up product development and achieve greater levels of efficiency through increased control and automation. By deploying its secure, flexible and reliable ETHIX suite of financial technology solutions within the Bank, ITS will support Kuwait International Bank by leveraging their competitive edge in the market.

 

Lamya Al Tabtebai, Deputy General Manager Corporate Support from Kuwait International Bank explained why KBI chose ITS to be associated on this huge project: "We deployed ETHIX because all the advantages that provides both to the bank and our customers and ETHIX overall competence to boost the Bank's growth. This announcement represents a new step on the continuous efforts from KIB to deploy the best global technology systems to serve KIB's programs and activities and accomplish our aims of improving the quality of customer services."

 

The ITS ETHIX suite of financial services form the core banking technology for financial institutions boosts operational and growth capabilities enabling banks to offer new customer centric solutions in the spirit of Shari'ah-compliance.

 

The added value from ETHIX is the fact it provides banks with an award winning comprehensive banking solution broadly recognized as one of the most flexible and scalable technology solutions worldwide.

 

This was reinforced by Lamya Al Tabtabai: "ETHIX provides solutions specifically designed to meet the bank's 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. Lastly, it connects all of KIB's core systems together and this is vital for us. With ETHIX all our systems will be centralized and thus enable us to reduce potential risk and errors and increase the efficiency and productivity of the bank. Additionally the system helps to develop trade and mortgage finance as well as retail finance services for our clients and customers." 

 

Hany Ramadan, Director – Global Financial Solutions noted: "This is yet another successful deployment with a leading finance institution in Kuwait and an outstanding example of our expertise in the Islamic Banking sector. In fact our flexible technology solution will empower the technology processes within Kuwait International Bank, facilitating a greater control of service and the adoption of quick changes as a result from policy, regulation and competition in the market."

 

In reality, all of these additional benefits will allow well-timed execution of customer banking services at Kuwait International Bank, refining its customer experience and increasing management efficiency across the bank's processes. Mr. Ramadan added: "We have a strong track record of working with leading financial institutions and specifically integrating our award winning ETHIX platform with existing core banking software infrastructure".

 

ITS recently received further accreditation for its ETHIX suite of products 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.

 

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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