Kuwait Finance House (KFH) today announced the successful completion of an ICT project to upgrade its existing banking system, which allows it to offer an integrated state-of-the-art Shari’a compliant financial services to the Real Estate Industry.
International Turnkey Systems (ITS), which specializes in supplying Islamic Banking technology, lead the project to deploy its ETHIX financial solutions within KFH. The ETHIX Finance solution replaced an obsolete system, allowing Kuwait Finance House to continue competing in the Middle East Real Estate market, creating an opportunity for growth within the Bank.
By investing in ITS’s secure, flexible and reliable ETHIX Finance solution KFH has been able to achieve a number of additional benefits such as reducing operational expenditure as it maintaining and supporting only one support system. This saves the operation department valuable time by eliminating manual data entry and management and integrates automatically with the financial institutions salary system, customer deposit programmes and central data management systems. All of these additional benefits allow for timely execution of customer banking services, refining the customer experience and increasing management efficiency across the bank’s processes.
Mohammad Nasser Al-Fouzan, Chief Retail Banking Officer said: This partnership with ITS has enabled Kuwait Finance House to deliver a comprehensive solution that unifies our financial systems within our Real Estate department. By investing in ETHIX, we can now offer our customers Islamic Real Estate financial products, allowing us to start competing in this market. All credit due to the teams involved that worked tirelessly in order to deploy these services and implement this successfully within the timeframe.”
The ITS ETHIX suite of financial services form the core banking technology for financial institutions enhancing operational and growth capabilities and allowing for the bank to offer new customer centric solutions, that are shari’a compliant. ETHIX provides banks with a comprehensive total banking solution that is widely recognized as one of the most flexible and scalable technology solutions worldwide.
Hany Ramadan, Director – Global Financial Solutions commented: We are honored to have been chosen to deploy such an important system for Kuwait Finance House and once again ITS proves its expertise in the Islamic Banking sector by completing another successful project. We have a strong track record of working with leading financial institutions and specifically integrating our award winning ETHIX platform with existing core banking software infrastructure.”
ITS recently received further accreditation for its ETHIX suite of products by winning both the ‘Best Islamic Finance Technology’ accolade at the World Islamic Retail Banking Conference 2013 and ‘Best Technology Vendor’ at the CPI Financial Islamic Business and Finance Awards 2013.
The Sharia’-compliant ETHIX solution is designed to support financial institutions to reach operational excellence, accommodate growth and achieve cost leadership in the terrain of financial services. ETHIX provides multi-channeled corporate and retail products and services in 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 and can only serve to enhance their competitive edge.
ITS full suite of ETHIX solutions include ETHIX-Core, ETHIX-Branch, ETHIX-Finance, ETHIX-Trade, ETHIX-360°, ETHIX-Connect (IFX), ETHIX-Switch Connection, ETHIX-Treasury, ETHIX (SMS), ETHIX-PCD, ETHIX-Launch Pad.