Al Sanam Islamic Bank selects ICS Banks core banking system

Al Sanam Islamic Bank, a newly-established Islamic bank in Iraq, has selected the ICS Banks Islamic Banking solution from ICS Financial Systems (ICSFS).

Wael Malkawi, ICSFS (left) and Mo’ayead Abbas Jasem Al-Dabbas, Al Sanam Islamic Bank (right)

The bank will implement the modules for core, remittances, financing facilities and risk groups, murabaha, mudaraba, musharaka, ijara, istisnaa, profit distribution, al qard al hassan, time deposit, trade finance, enterprise resource planning (ERP), and digital delivery channels.

Mo’ayead Abbas Jasem Al-Dabbas, deputy vice president of Al Sanam Islamic Bank, says that “a strong and reliable technology partner” is vital for the bank’s success.

“Technology has changed the face of banking, and with ICSFS, our new strategic technology partner, we are sure we will be leapfrogging our way with innovative and future-proof technologies,” he says.

Earlier this year, another bank in Iraq, UR Islamic Bank for Investment, went live with ICS Banks Islamic Banking.

Another recent go-live is Cities and Villages Development Bank (CVDB) in Jordan.