Idman Community Bank opts for BML Istisharat’s ICBS core banking system
Idman Community Bank, a new Islamic bank in Somalia, selected the ICBS core banking system from a long-standing Lebanese banking software provider, BML Istisharat.
BML says the bank was looking for “a proven banking solution to be implemented by a reliable vendor”. The start-up will offer a range of Shari’ah-compliant products in physical locations and via digital channels, including retail current accounts and deposits; corporate, NGO and government accounts; investments; loans; treasury; and international services.
Idman wanted an integrated solution and the supplier who could “execute in different circumstances in aggressive timeline”, according to BML.
“With the help of independent consultants evaluating several international solutions, a full selection process including proposals analysis, functional and technical presentations, live demonstrations, contacts with references, Idman adopted ICBS,” the vendor says.
Elsewhere, in its home market of Lebanon, BML has switched live the ICBS core banking system at Finance Bank (a 2018 deal). The system is now supporting current, saving and term deposits accounts; medium and long-term loans; housing loans and project financing; treasury bills/bonds; and bank guarantees at Finance Bank.
The loan portfolio of Jammal Trust Bank, acquired by Finance Bank following the former’s closure due to US sanctions in 2019, will also be moved to ICBS. Jammal Trust Bank was running the ICS Banks core banking system from ICS Financial Systems (ICSFS), FinTech Futures understands.