Dubai, United Arab Emirates, March 15, 2020:  Al Wifaq International Islamic Bank for Investment and Finance, a newly established bank in Iraq, has selected the most holistic Islamic banking software; ICS BANKS ISLAMIC from ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, to start its Islamic operations in Baghdad, Iraq.

Al Wifaq International Islamic Bank joined many newly established banks in choosing ICSFS as its software technology partner in Iraq. ICSFS has been servicing the MENA banking sector for over 3 decades now, and has always positioned its customers ahead of their market competition. 

Deputy CEO of Al Wifaq International Islamic Bank for Investment and Finance, Zeyad Al-Samarra’ee said: 
“We have contacted around five software providers, and ICSFS was chosen among the rest. The selection process took six months, where ICSFS showcased the most agile software application, embracing high security and scalability, dynamic product building, unified solutions with smooth processes across business lines and a wide range of digital touchpoints. We are confident of our selection, as ICSFS’ customers’ testaments have assured our decision.”

Robert Hazboun, Managing Director at ICSFS said;
“ICSFS is one of the first providers of Islamic banking software applications in the industry, with a customer-first approach and streamlined services of its epic best-of-breed technologies. ICS BANKS ISLAMIC software suite is designed to cover all Islamic banking requirements and cater to each bank’s shari’a regulations. After decades of evolvement and innovation, ICS BANKS ISLAMIC has become a technologically frontier software, where agility is one of its core virtues. We are delighted to have Al Wifaq International Islamic Bank join our community, and are committed to serving them and their customers.”

ICSFS invests in its software suites by utilising modern technology in launching new products, constructing a secured and agile integration, and keeping pace with new standards and regulations worldwide. ICS BANKS ISLAMIC is a modular fully integrated solution designed and developed following the principles of Shari’a in compliance with the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). ICS BANKS ISLAMIC software suite future-proof banking activities by providing a broad range of features and capabilities with more agility and flexibility, to enrich customers' journey experience, hence improving the trust and confidentiality between the customer and the bank. ICS BANKS ISLAMIC has always been a pioneer in utilising the latest technology to serve financial institutions. In addition to its embedded Service-Oriented-Architecture (SOA), the system can be deployed on-premises or in the cloud.