ITS confirmed its participation as gold sponsor of First Islamic Finance & Banking Conference on the 23rd and 24th Jan 2012 in the luxurious surroundings, which took a good place of Al Bustan Palace Hotel, Muscat Oman with great Success.
Oman First Islamic Finance & Banking Conference is to take place on the heels of the interest sparking u-turn in the Sultanate’s banking policies embodied in a decree authorizing the establishment of new Islamic banks, and offers first hand insight into the latest trends and dynamic changes in the Sultanate’s financial sector.
Oman was until recently the only Gulf state that did not constitute of banks offering Islamic products and services. However, the Central Bank of Oman, in May 2011 announced it would allow conventional lenders to run sharia- compliant operations in a bid to keep investment funds within the country.
Islamic banking, comprises of banking operations that exclude the use of the interest rate “interest free banking” amongst other aspects, and is one of the fastest growing segments of the international financial system, with an annual growth rate exceeding 20 percent over the past decade. Islamic assets stood at USD 1 trillion in 2010 and are expected to reach USD1.6 trillion in 2012.
Mr. Haitham Abdou, ITS Group Director of Marketing, discussed the application of the technology for the Islamic financial Institutions through ETHIX financial solutions. ITS has also demonstrated successfully the company’s range of software solutions specifically catering to the ETHIX financial solutions.
ETHIX financial solutions are web services based solutions that offer services and functions of Islamic finance, Islamic investment, core banking, delivery channels, trade finance and other banking services, which in turn enhances the bank’s competitive edge.
ETHIX financial solutions allow financial organizations to reduce the operational cost, reduce the operational risk and meets growing strategy by gaining and retaining customers.
