ICSFS signs new core banking system deal in Iraq with Al-Thiqa Islamic Bank
Al-Thiqa Islamic Bank, a banking start-up in Iraq, has opted for the ICS Banks Islamic system from ICS Financial Systems (ICSFS).
ICS Banks will support core banking, murabaha, musharaka, ijara, mudaraba, al qard al hasan, time deposits, profit distribution trade finance, credit facilities and risk groups, and remittances at the newly-launched bank.
AL-Thiqa Islamic Bank’s executive representative, Muamer Al-Fakhry, says ICSFS was chosen for “its wide experience in Iraq’s banking and financial sector”.
Earlier this year, another greenfield bank in the country – International Islamic Bank – also opted for ICS Banks.
ICSFS now has over 20 customers in Iraq. Among them are Al-Arabiya Islamic Bank, Al Janoob Islamic Bank, Bank of Baghdad, Taawen Islamic Bank and Noor Al Iraq Islamic Bank.