BML Istisharat signs new core banking tech clients in Iraq and UAE

BML Istisharat, a long-standing banking technology supplier in the Middle East, has reported three new takers of its flagship ICBS core banking system.

BML Istisharat signs new banking tech clients in Iraq and UAE

In Iraq, Kurdistan International Islamic Bank for Investment and Development (KIIB) has signed for ICBS as “the foundation of its digital banking transformation” following “a thorough evaluation process”, according to the vendor.

The platform will replace KIIB’s existing core banking system, iMAL, from another regional provider, Path Solutions, which was implemented at KIIB more than ten years ago.

KIIB provides retail and corporate banking products including current, saving, investment and payroll accounts, Islamic financing, cards, and trade finance.

It has adopted a comprehensive range of the ICBS modules, including customer information (KYC, FATCA, CRS), accounting/GLs, deposits, credit facilities and financing, transfers, payments and remittances, treasury, trade finance, central bank reporting, AML compliance, administrative modules (payroll and fixed assets), and payment networks integration.

Also in Iraq, BBAC Iraq, a local operation of Lebanon’s Bank of Beirut and the Arab Countries (BBAC), is also implementing ICBS.

The bank services individuals and businesses and has, too, signed for a range of modules, including customer information, accounting, deposits and loans, branch operations, payments and remittances, transfers, treasury and trade finance, integration with digital channels, ATM/POS switch, and local and international payment networks.

On the way out is BBAC Iraq’s legacy Equation core system provided by Finastra and implemented at the bank over a decade ago.

In the UAE, the latest taker of ICBS is Modern Trade Bank (MTB), a start-up in the process of being established by BBAC in the Abu Dhabi Global Market (ADGM), an international financial centre.

Once launched, MTB will focus on corporate banking services.

BML Istishatat says its ICBS platform was selected “following a full evaluation exercise including several international core banking solutions”. The vendor will be implementing its customer information system, accounting system (customers and GL accounts), deposits, loans/advances, treasury, transfers, digital channels integration, document management, and Swift at MTB.