Al Wifaq International Islamic Bank selects ICSFS Islamic system
Al Wifaq International Islamic Bank for Investment and Finance, a newly established bank in Iraq, has selected ICS Financial Systems (ICSFS) and its ICS Banks Islamic banking system.
Five other software providers participated in the bank’s selection process, which took six months.
According to Zeyad Al-Samarra’ee, deputy CEO of Al Wifaq, ICSFS displayed “the most agile software application.”
Robert Hazboun, managing director of the technology vendor, says that its new software will cover and cater to all Islamic banking requirements that Al Wifaq may have.
ICSFS has had one other system selection so far in 2020, when Nisir Microfinance picked the vendor back in January.
It has also had two separate go lives in recent times. Ethiopia’s Oromia International Bank (OIB) went live with ICS Banks in August 2019, while the National Bank of Yemen switched to an ICSFS system in February.