Oracle FS lands two core banking tech clients in Libya

Oracle FS signs new deals

Two Libyan banks, Damaan Islamic Bank (DIB) and Mediterranean Bank (Medbank), have signed for the Flexcube core banking software from Oracle FS, it is understood.

Both banks offer Islamic banking services.

Mediterranean Bank is an established domestic player that services retail and corporate clients. It is majority owned by a Bahraini financial services group, Arab Banking Corporation (ABC).

DIB is a new Shariah-compliant bank in Libya.

Oracle FS has a long-standing presence in the country, with other Flexcube takers including Aman Bank, Andalus Bank, Gumhouria Bank, and Yaqeen Bank, among others. The country’s central bank is also on the Oracle FS client list.