Aafaq Islamic Finance goes live on Infosys Finacle
UAE-based aafaq Islamic Finance has gone live with core banking, Islamic banking and payments solutions from Infosys.
Established in 2006 to provide Islamic financial services and products compliant with Shariah law, aafaq Islamic Finance offers corporate and retail banking, as well as property and auto financing.
The firm has implemented the Infosys Finacle Digital Banking Suite, with a “substantial” automation of its existing processes, “significantly” improving its productivity.
Infosys has also deployed application programming interfaces (APIs) across aafaq, which it claims will allow for the “seamless” flow of information between the firm’s different operations.
“Transitioning to an automated, high end digital platform has been a massive, yet easy feat for aafaq,” says Saif Ali Mohamed Munakhas Alshehhi, managing director and CEO of aafaq Islamic Finance.
“Building on this robust platform, we aim to strengthen our presence in the UAE market as a digital first, modern Islamic finance company.”
Venkataramana Gosavi, senior vice president and global head of sales at Infosys Finacle, says that the deal is a “testimony of Finacle’s ability to help Islamic financial institutions of any size and maturity to pursue an inside out, truly digital transformation”.
He adds: “With the increasing influence of digital in customers’ everyday lives and evolving competitive landscape, it’s critical for Islamic financial institutions to proactively modernize their operations.”