ITS shares in Establishing the Next-Generation Technology to support Capturing Africa’s Opportunity.
Over the last decade, trade between African countries and the rest of the world has grown significantly; charting a 170% increase in trade with the GCC. Strengthening trade ties with the GCC, a growing Muslim population, the need to finance large-scale infrastructure and manufacturing projects, as well as a large unbanked population, all provide tremendous growth opportunities for Islamic finance in Africa.
As an industry leader of more than 30 years of experience and as a preferred technology partner of choice for many banks and organizations globally, ITS took part in Islamic banking Summit Africa 2012 as an Islamic Banking Technology Partner. ITS believes that it is part of its role as an industry leader to increase awareness about Islamic finance in the region, participate in bringing customers fast, accurate and convenient banking transactions, experience and services, and in synthesizing new products to meet the needs of financial institutions in the area of Islamic finance.
Ismail Ali – Director Marketing, Banking and Global Operations discussed current prospects and challenges related to Islamic finance, Islamic finance trends, the competitive landscape and how technology can drive Islamic banking forward, and how ETHIX total solution and its diverse components can act as technology enablers for Islamic financial institutions.
“The number of new Islamic banks, conventional banks transforming into Islamic and financial institutions opening a new Islamic window in Africa is poised for exponential growth in the coming years. Financial institutions depend on technology to act as an enabler for the Islamic finance industry, enhance the competitive edge of their offerings and support in answering the key challenges facing the rollout of innovative yet ethical financial solutions”. Explained Ismail Ali.
Moreover, Ismail elaborated on the case of the National bank of Egypt in Sudan successfully established as a new Greenfield Islamic bank via the support of ITS and ETHIX solution. Ismail also shed the light on ETHIX; its comprehensive Shariaa-compliant solution that offers multi-channeled corporate and retail products and services in the areas of Islamic finance and investment including core banking, trade finance, branch automation, online banking, dashboards and reports in addition to other products and services that represent an answer to the challenges encountered by the financial institutions in Africa and can only serve to enhance their competitive edge.
