To fuel Faisal Islamic Bank’s expansion plans in Egypt; ETHIX-Financial Solutions was selected due to its full compliance with Sharia and Central Bank of Egypt requirements
The largest and first bank of its kind in Egypt, Faisal Islamic Bank of Egypt, today signed a phased agreement with ITS (International Turnkey Systems) Group, a leading solutions provider for both Islamic and conventional banks, to deploy ETHIX-Financial Solutions, the leading banking technology solution from ITS. The solution is being deployed as part of Faisal Islamic Bank’s aggressive expansion plans in Egypt, a market that is set to witness exponential growth in the Islamic banking sector.
“The deployment comes as a part of our expansion plan in Egypt which is a fertile ground for Islamic banking services. Being the largest and first Islamic bank in Egypt, we are taking a pioneering step and investing in cutting edge technology to provide high quality products and services to meet the growing demand in Egypt,” said Dr. Ismail Al Malwany, IT general supervisor at Faisal Islamic Bank of Egypt. “We are expanding our footprint across Egypt and we believe that the ETHIX technology platform is key to enabling and developing our services offering.”
“There is no doubt that the cooperation with ITS will strengthen the bank’s performance and improve our Islamic banking services that will offer more advanced Islamic solutions that strictly comply with Shari’a Law,” Al Malwany continued.