ITS (International Turnkey Systems), a regional ICT provider that specialises in supplying Islamic Banking technology, has announced another successful regional upgrade for a financial institution, offering increased performance and reduced operational costs with a Shari’ah compliant solution.

The secure, flexible and reliable Ethix suite of financial services, was provided by ITS for Barwa Bank and forms the core banking technology for financial institutions, boosting its operational and growth capabilities, enabling it to offer new customer centric solutions in the spirit of Shari’ah-compliance, said a statement.

By investing in a new finance technology solution, Barwa Bank will significantly reduce its operational expenditure as Ethix consolidates all of its services under one unified system. By having more control and streamlined processes across its entire business, the bank will be able to achieve greater efficiency, speed up product development and create a stronger and more valuable experience for its customers in the region, it said.

Ethix is a solution that has been attracting increased interest from regional financial institutions from across the GCC due to its range of benefits and its impact upon businesses’ bottom line. In fact the financial solution is largely recognised as one of the most scalable financial technology solutions available worldwide, said the statement.

ITS recently received industry acclaim for its Ethix suite of services by winning both the ‘Best Islamic Finance Technology’ conferred at the World Islamic Retail Banking Conference 2013 and ‘Best Technology Vendor’ at the CPI Financial Islamic Business and Finance Awards 2013.

Hany Ramadan, director – Global Financial Solutions (Part of ITS Group), noted: “The completion of this project marks yet another successful deployment of Ethix within a regional financial powerhouse such as Barwa Bank. It is encouraging to see many banks realising the impact that Ethix can have on their business." - TradeArabia News Service