Abu Dhabi: A UAE-based bank, Al-Hilal Bank, has achieved a hallmark in terms of adopting latest technology services as the bank has successfully deployed the ETHIX-Profit Computation and Distribution (PCD) Islamic banking system from International Turnkey Systems (ITS Group).
According to the announcement made by Al-Hilal Bank, it has deployed the latest Islamic banking system from the ITS Group, which is a leading integrated IT solutions and software services provider and specializes in Islamic banking systems.
The bank claims that the move has enhanced Al Hilal Bank’s operational and growth capabilities and reinforced its status as an industry innovator and leader.
The Shariah-compliant ETHIX-PCD forms part of ITS Group’s comprehensive ETHIX technology suite of pre-defined solutions for Islamic finance and investment. The Al-Hilal Bank implementation was completed in record time via ITS’ expertise as a key technology enabler and business partner for Islamic financial institutions worldwide.
Al-Hilal Bank partnered with ITS with the objective of obtaining a comprehensive solution for automating the bank’s profit and asset management operations, reducing risk, and eliminating the unnecessary costs, time and effort associated with manual intervention.
“Our strategic partnership with ITS enables us to deliver a comprehensive solution that satisfies the Islamic banking needs of our customers. Since our inception we have maintained a strong focus on innovation and operational excellence. The ETHIX system we have deployed reflects these commitments as it facilitates real time calculation and distribution of profit and losses across all transactions in a highly efficient and accurate manner,” said Mohamed JamilBerro, CEO, Al-Hilal Bank.
“Time and again, ITS proves its importance in the Islamic banking sector, winning the confidence of the most important financial institutions in the Middle East and Gulf region. It gives me great pride that our solutions and services are a key part of the growth strategy of leading Islamic banks operating in the region,” added HaithamAbdou, Group Director – Global Financial Solutions.
ITS ETHIX Shariah-compliant solution is designed to support financial institutions to reach operational excellence, accommodate growth and achieve cost leadership in the terrain of financial services. ETHIX provides multi-channeled corporate and retail products and services in Islamic finance and investment including core banking, trade finance, branch automation, online banking, dashboards and reports in addition to other products and services that represent an answer to the challenges encountered by the financial institutions and can only serve to enhance their competitive edge.
Al-Hilal Bank is one of the fastest growing banks in the UAE, with a total revenue of AED1.7 billion and a net profit of AED202.3 million. Since its inception in 2008, it has been the recipient of various local and international industry recognitions, including d multiple honors for excellence in regional retail banking by distinguished award-giving bodies such as the Islamic Business & Finance Awards. Al-Hilal Bank currently operates 22 branches and over 116 ATMs in the UAE as well as three overseas branches in Kazakhstan.