Al Hilal Bank deploys Islamic finance solution
Abu Dhabi, July 28, 2013
Abu Dhabi-based Al Hilal Bank has deployed an advanced Islamic banking technology from International Turnkey Systems (ITS Group), a leading IT solutions and software services provider.
The Sharia-complaint Ethix-Profit Computation and Distribution (PCD) Islamic banking system is a suite of pre-defined solutions for Islamic finance and investment.
Al Hilal Bank partnered with ITS with the objective of obtaining a comprehensive solution for automating the bank’s profit and asset management operations, reducing risk, and eliminating the unnecessary costs, time and effort associated with manual intervention.
“Our Strategic partnership with ITS enables us to deliver a comprehensive solution that satisfies the Islamic banking needs of our customers. Since our inception we have maintained a strong focus on innovation and operational excellence. The Ethix system we have deployed reflects these commitments as it facilitates real time calculation and distribution of profit and losses across all
transactions in a highly efficient and accurate manner,” said Mohamed Jamil Berro, CEO.
The 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-channelled 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. - TradeArabia News Service
More Finance & Capital Market Stories
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards
- ADIB offers smartphone industry investment
- Gulf Finance House to start $3bn Tunisia project
- KFH completes ICT project upgrade
- Egypt urban annual inflation slows to 9.8pc
- BIBF signs deal with Palestinian institute
- Bahrain’s GDP set to expand 12pc
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF
- Kuwait Q3 trade surplus hits $23bn
- Dubai trade growth up 7.6pc to $362bn
- Deloitte appoints new managing director
- Al Ramz tops UAE trading in Feb
- IFC in $150m loan deal with Bank Audi
- SME funding focus for Abu Dhabi forum
- Insurance House posts second year of profit
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF