Al-Ataa Islamic Bank picks ICS Banks core banking system

Al-Ataa Islamic Bank for Investment and Finance, a new bank in Iraq, has selected the ICS Banks Islamic Platform from core banking tech supplier ICS Financial Systems (ICSFS).

Wael Malawi, ICSFS (left) and Kadhom Khalaf Al-Shamary, Al-Ataa Islamic Bank (right). Image source: ICSFS

Al-Ataa Islamic Bank will provide Shariah-compliant products and services through its eight branches across the country. It specialises in project financing for small and medium-sized businesses (SMBs), lease financing, real estate financing, and other investment solution development.

Kadhom Khalaf Al-Shamary, the bank’s managing director, says ICS Banks was chosen for its solid regional track record. “Working side by side with ICSFS will provide us with flexibility and will assist us in delivering superior services to our customers,” he adds.

Wael Malkawi, executive director at ICSFS, says the company is excited to have been chosen over “many other vendors”.

ICS Banks has enjoyed a spate of wins in Iraq over the last couple of years, including at Al Sanam Islamic Bank, Al Wifaq International Islamic Bank, First Iraqi Bank, and UR Islamic Bank for Investment.

Among other core banking technology providers in Iraq (and rivals of ICSFS) are BML Istisharat, Path Solutions, and Temenos.