Profit computation & distribution system to boost operational & growth capabilities, maintain industry leadership.
Al Hilal Bank has announced that it has successfully deployed the ETHIX-Profit Computation and Distribution (PCD) Islamic banking system from International Turnkey Systems (ITS Group), a leading integrated IT solutions and software services provider that specializes in Islamic banking systems. The move enhances Al Hilal Bank’s operational and growth capabilities and reinforces its status as an industry innovator and leader.
The Sharia-compliant ETHIX-PCD forms part of ITS Group’s comprehensive ETHIX technology suite of pre-defined solutions for Islamic finance and investment. The Al Hilal Bank implementation was completed in record time via ITS’ expertise as a key technology enabler and business partner for Islamic financial institutions worldwide.
Al Hilal Bank has announced that it has successfully deployed the ETHIX-Profit Computation and Distribution (PCD) Islamic banking system from International Turnkey Systems (ITS Group), a leading integrated IT solutions and software services provider that specializes in Islamic banking systems. The move enhances Al Hilal Bank’s operational and growth capabilities and reinforces its status as an industry innovator and leader.
The Sharia-compliant ETHIX-PCD forms part of ITS Group’s comprehensive ETHIX technology suite of pre-defined solutions for Islamic finance and investment. The Al Hilal Bank implementation was completed in record time via ITS’ expertise as a key technology enabler and business partner for Islamic financial institutions worldwide.
AlHilal Bank partnered with ITS with the objective of obtaining a comprehensivesolution for automating the bank’s profit and asset management operations,reducing risk, and eliminating the unnecessary costs, time and effortassociated with manual intervention.
“Our Strategic partnership with ITS enables us to deliver a comprehensivesolution that satisfies the Islamic banking needs of our customers. Since ourinception we have maintained a strong focus on innovation and operationalexcellence. The ETHIX system we have deployed reflects these commitments as itfacilitates real time calculation and distribution of profit and losses acrossall transactions in a highly efficient and accurate manner,” said Mohamed JamilBerro, CEO, Al Hilal Bank.
“Time and again, ITS proves its importance in the Islamic banking sector,winning the confidence of the most important financial institutions in theMiddle East and Gulf region. It gives me great pride that our solutions andservices are a key part of the growth strategy of leading Islamic banksoperating in the region,” added Haitham Abdou, Group Director – GlobalFinancial Solutions.
ITS ETHIX Shariaa-compliant solution is designed to support financialinstitutions to reach operational excellence, accommodate growth and achievecost leadership in the terrain of financial services. ETHIX providesmulti-channeled corporate and retail products and services in Islamic financeand investment including core banking, trade finance, branch automation, onlinebanking, dashboards and reports in addition to other products and services thatrepresent an answer to the challenges encountered by the financial institutionsand can only serve to enhance their competitive edge.
Al Hilal Bank is one of the fastest growing banks in the UAE, with a totalrevenue of AED 1.7 billion and a net profit of AED 202.3 million. Since itsinception in 2008 it has been the recipient of various local and internationalindustry recognitions, including d multiple honors for excellence in regionalretail banking by distinguished award-giving bodies such as the IslamicBusiness & Finance Awards. Al Hilal Bank Al Hilal currently operates22 branches and over 116 ATMs in the UAE as well as three overseas branches inKazakhstan.
