Interview with Esam Alkheshnam, CEO International Turnkey Systems (ITS) Group
Financial IT: Esam, please tell us about ITS
Esam Alkheshnam : ITS is known as the leading provider of advanced technology solutions and products that are designed specifically for Sharia-compliant banks and financial institutions. Obviously, we are investing in new and innovative products. We are also expanding in terms of geography – particularly in the Middle East, North and Central Africa region and the Caribbean. In addition, ITS is currently offering its products and services in the western region of Morocco and the Russian Commonwealth (CIS).
Financial IT: Can you share a little about your main products?
Esam Alkheshnam : First, I’d observe that we think that our competitive edge comes from our ability to adapt to the rapidly changing needs of the industry. That’s what is implied by the second and third words in our name – Turnkey Solutions. A financial institution can adopt our turnkey solutions and be confident that they can leave worrying about the changes to us. Our award-winning ETHIX solution includes a core banking system, a trade finance system, and profit calculation engines. Among much else, it enables our clients to create Digital Branches and to receive advanced reporting in relation to their operations.
Financial IT: What are the main trends pertaining to digitalisation of Sharia-compliant banks?
Esam Alkheshnam : The important thing to remember is that Sharia-compliant institutions are as exposed to disruptive change that is led by digitalisation as much as conventional institutions. Whether the change involves mobile payments, InsureTech, crowdfunding or peer-to-peer (P2P) lending, or a move towards use of robots in bank branches, there are major implications for Sharia-compliant banks and Takaful operators. Those institutions that can use digitalisation to provide high quality products through multiple distribution channels and guarantee a positive customer experience should thrive. Those that cannot risk becoming obsolete.
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