Al Sanam Islamic Bank selects ICS Banks Islamic Banking solution from ICSFS


Al Sanam Islamic bank, a newly-established Islamic bank in Iraq, has selected ICS BANKS Islamic Banking software solution from ICS Financial Systems (ICSFS), the global software and services provider for banks and financial institutions.

The signing ceremony took place at ICSFS’ centre of excellence, Amman, Jordan. Al Sanam Islamic Bank will be providing comprehensive, Shari’a-compliant financing products and services to the Iraqi market, with a robust focus on digital banking.

The bank will be implementing ICS BANKS Islamic Core, Financing Facilities & Risk Groups, Remittances, Murabaha, Mudaraba, Musharaka, Ijara, Istisnaa, Profit Distribution, Al Qard Al Hassan, Time Deposit, Trade Finance, ICS BANKS Digital and ERP solutions. Al Sanam Islamic Bank, Deputy Vice President; Mr. Mo’ayead Abbas Jasem Al-Dabbas, commented: “Al Sanam Islamic Bank is a newly-established bank in Iraq.

We believe that our success will not be attained without a strong and reliable technology partner. This is why we chose the best tech provider. As we have seen, and believe in ICSFS’ longstanding commitment to its clients, where it will lead and sustain our business growth and drive our innovative products and services.

Technology has changed the face of banking, and with ICSFS, our new strategic technology partner, we are sure we will be leapfrogging our way with innovative and future proof technologies.”

Executive Director of ICSFS, Wael Malkawi stated: “ICSFS has a very strong presence in Iraq, as we have been servicing the Iraqi market for more than twenty years. It is our privilege to welcome Al Sanam Islamic Bank to our ICS BANKS community.—Zawya News

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