ETHIX Financial Solutions Platform enables Ajman Bank to automate profit calculation and efficiently distribute net income according to Shari’a guidelines
International Turnkey Systems (ITS), a leading integrated IT solutions and software services provider that specializes in Shari’a-compliant banking solutions for Islamic banks and financial institutions, today announced a new client partnership with Ajman Bank, the first Shari’a based Islamic bank to be incorporated and headquartered in the Ajman emirate. As a new addition to ITS’s successful and fast-growing financial customer portfolio, Ajman Bank has adopted ITS Global Financial Solutions’ (GFS) ETHIX-PCD platform to automate and enhance its profit calculation and distribution activities.
HaithamAbdou, Head of ITS Global Financial Solutions commented, “We have an impressivetrack record of working with financial institutions in integrating our awardwinning ETHIX platform with their existing core banking softwareinfrastructure. Ajman Bank’s decision to entrust the enhancement of its profitcalculation and distribution processes is testament to our ability toeffectively address the business and process pains of banks and financialinstitutions.”
Based on Shari’a values, ITS will help Ajman Bank achieve its vision tore-establish a human element in banking through offering innovative productsand services, building state-of-the-art technology systems and contributing tothe economic development of the UAE.
“The quality of Ajman Bank’s Islamic operations can only be accomplishedthrough having a well-structured IT infrastructure in place,” said MohamedZaqout, CEO of Ajman Bank. “Our partnership with ITS is vital as it will notonly enable us automate profit calculation and distribution within Shari’aguidelines, but also allow us to offer new products to our customers – productsthat can be defined and segregated to include restricted as well unrestrictedinvestment pools.”
ETHIX Financial Solutions platform provides multi-channeled corporate andretail products, and services built on a wide range of parameters, installed toensure all Islamic requirements are met. A one-time installment will enableAjman Bank to utilize the net income during the calculation period anddistribute it among investors according to Shari’a rules.
Islamic banking in the GCC continues to show strong growth according to arecent report by Ernst & Young Islamic Banking Center. While growth in theGCC’s Islamic banking assets slowed to 14% last year, it outperformedconventional banking assets growth of 8.1% for the same period . However, mosttechnology and software solutions are designed for the conventional financialinstitutional infrastructure, meaning that Islamic banks could potentially beat a technological disadvantage. Shari’a compliant solutions such as the ETHIXplatform that can be seamlessly incorporated into an Islamic financialinstitution can enable the organization to compete more effectively againstits’ conventional banking counterparts.
