Kuwait Finance House – Bahrain (KFH) signed an agreement with International Turnkey Systems (ITS) Group to deploy the latter’s Ethix Core Solution for Islamic banking which will provide new IT solutions to the bank’s financial services.

Abdulhakeem Alkhayyat, managing director and CEO of Kuwait Finance House-Bahrain, said: "ITS will support the optimization of our core banking systems and make it more efficient and cost-effective. This will enhance our services and will allow us to provide more distinctive and versatile solutions that meet market demands.”

“The main objective of this project is to centralize all our systems which will assist us to better serve our internal and external processes and provide more efficient service solutions.

"ITS is one of the leading Islamic banking solution providers in the world. This project will migrate all our products to the Ethix Core Solution and will not only provide added value to our clients, but will also assist the Bank to achieve further growth in the market,” Alkhayyat added.

“The importance of this deal stems from the fact that ITS has a solid Islamic banking solution that does not only encompass a wide array of business features but is also technologically capable of addressing the needs of financial institutions in the Middle East,” said Khaled Faraj Al Saeed, managing director and general manager of ITS Group.

“We are glad that Ethix is an integral part of the strategic plans of our customers to gain a higher market share and provide better services to their customers. KFH-Bahrain’s selection of ITS solutions underlines the bank’s confidence in the quality level of ITS products and services.

“We are proud that ITS solutions and services are a key part of the growth strategy of one of the leading Islamic banks operating in the region,” he added.

The Ethix Core Solution for Islamic banking is a suite of technologies that offer a wide array of revenue-generating products and services including automated branch management, Internet banking, treasury services, Islamic investments management and documentary credits among others. – TradeArabia News Service