04

Apr 2013

Alawwal Capital, KSA Signs a Landmark Deal with ITS

The Bank chooses ETHIX Total Solution and ETHIX Investment Solution to consolidate all of its Investment Activities in one Shariaa Compliant Platform

​Marking a significant turning point in ITS Group’s foray into the Saudi Arabian market, Alawwal Capital is the latest client to come onboard with ITS. The solutions to be employed as part of the agreement include ETHIX-Portfolio, ETHIX-Fund, ETHIX-GL, and ETHIX-Connect.

​In a rapid paced environment, Alawwal Capital recognizes the value of the wide breadth of offering and business and technological capabilities offered by ETHIX total solution in general and ETHIX Investment in particular to support the end to end management of their banking transactions and their investment business activities. ETHIX is a comprehensive, flexible and integrated solution, which helps achieve operational excellence and facilitates reaching out to existing and potential customers and meet their diverse needs. The deal boosts ITS’ position in the Saudi market as a leading banking solutions provider and being the best choice for investment institutions.

On his part, Chief Executive Officer and Managing Director of Alawwal Capital Mr. Adnan Tlmisani expressed, "In a rapidly changing environment, it is necessary to reach our customers and provide them with the best services," pointing out that the solutions offered by ITS represent comprehensive, integrated and flexible solutions, which will help them to achieve operational excellence, and streamline the bank’s operations, meeting their diverse needs to provide better services to customers in the Saudi and Gulf market.

He further stated, "Alawwal Capital has a proven track record of significant achievements and  successful delivery of a large number of local projects  a cross of multitude of sectors that includes, but not limited to real estate, industrial, educational, investment, Takaful insurance, and the commercial sector. Since ETHIX solutions have been designed within the provisions of Islamic law to support financial institutions and investments, we can achieve operational excellence, accommodate growth, and enjoy a reduction in costs and expenses.”

“ITS is proud to be associated with Alawwal Capital. This new deal is a testament to the quality of our Sharia’a compliant investment solutions and services, which are a key part of the growth strategy of the leading investment institutions and banks in the Gulf region. This feat would not have been possible without the strong efforts of the sales and development team,” added Mr. Khaled Faraj Al Saeed, Managing Director and General Manager of ITS Group.

Alawwal Capital was established as one of the first financial companies in Saudi Arabia, through a license issued by the Capital Market Authority (CMA) in 2006. Alawwal is committed to all legitimate controls that are compatible with the provisions of Islamic Shariaa, and all its operations are subject to supervision by a panel of Islamic specialists and consultants, who are renowned for their knowledge of Islamic Economics.

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