Emirates Islamic Bank (EI), a leading Sharia-compliant banking institution in the Middle East, has selected the Infosys Finacle Islamic Banking solution to run its operations.
 
With Finacle, EI can leverage a world-class platform that will enable the bank to serve its customers with greater efficiency, manage its operations more effectively, and meet the required reporting and compliance obligations.
 
Some of the highlights of the deal are:
•    Finacle Islamic Banking solution since provides a cost-effective, customer-centric and Sharia-compliant banking platform with proven scalability and a lean and open architecture for easy implementation.

•    EI will be able to easily create a wide range of products and services that will be compliant with the stringent Sharia business rules and accounting rules with the help of Finacle.

•    Based on a modern service-oriented architecture (SOA) platform with straight through processing (STP) capabilities, the solution will enable greater operational efficiency and effectiveness for EI.

•    The Finacle Islamic Banking Solution will also ensure transparency of accounting and profit-sharing, along with rigorous operational risk control.
 
Michael Reh, senior vice president and global head of Finacle, Infosys, said: “Islamic banks have shown strong growth over the last few years, with significant global potential for further expansion.”

“To effectively leverage this opportunity, they need a robust and flexible technology backbone which can empower them to innovate faster and deliver personalized banking experiences,” he said.

“Finacle is well placed to help fulfil these aspirations with its proven Islamic Banking solution based on an industry leading technology platform. This partnership will act as a model deployment for banks offering Islamic banking services,” he added. – TradeArabia News Service