5 years Undisputed: ICSFS receives “Best Islamic Banking & Finance Software Solutions Provider” award from World Finance

ICS Financial Systems Ltd, a global provider of premium universal and digital banking software solutions for financial services providers, once again receives the Best Islamic Banking & Finance Software Solutions from World Finance, the voice of the financial market, making it the fifth recognition of the limitless abilities of ICS BANKS® Islamic Banking solution and celebrating the relentless efforts of ICSFS to remain on the top of the banking technology industry.

Being one of the world’s first developers of fully digital Sharia-compliant Islamic Banking Solutions, ICSFS is a proud trailblazer in the global Islamic finance and banking technology scenes, offering a comprehensive suite of intuitive, scalable, and secure technologies that have been streamlining and power-driving Islamic finance operations for our clients over the past two decades; The latest of which is the recent big-bang Go-Live of ICS BANKS® Islamic Banking Solution at the world’s largest Islamic bank: Al Rajhi Bank – Jordan.

ICS BANKS® Islamic Banking Solution is built to incorporate all facets of Sharia financing, including all different interpretations and considerations for each region, making it the ideal solution for financial service providers around the world to seamlessly adopt Islamic financing either as a standalone financing model or part of a diversified services portfolio, with a remarkable ability to conform with the specific strategic business requirements of each financing provider.

The ICS BANKS® Islamic Open Banking Digital Platform excels with its scalability and seamless integration, incorporating advanced technologies like AI, robotics, blockchain, instant payments, real-time processing, and branchless digital banking. These features allow it to meet the specific needs of banks and financial institutions, enabling easy integration with third-party services optimizing operations and ultimately delivering a rich and user-friendly experience to the bank’s users and customers. Its flexible deployment options support existing on-premises tech infrastructure, cloud, or hybrid infrastructures, enhancing accessibility and ensuring a future-proof solution adaptable to market changes, all while maintaining a lower total cost of ownership (TCO).

We are incredibly honoured to receive the Best Islamic Banking & Finance Software Solutions for the fifth consecutive year. This milestone reflects our dedication to delivering top-tier, innovative solutions in the Islamic finance sector. Being the first banking software provider to achieve this distinction for five straight years is a remarkable accomplishment and highlights the tireless efforts of our team. At ICSFS, we strive to push the boundaries of technology and ensure that our products meet the highest standards of Shari’a compliance, not to mention the expectations of our current and future clients. This award inspires us to continue evolving and adding exceptional value to our pride and joy: ICS BANKS® “Mr. Wael Malkawi, Executive Director – ICSFS”.

As the global Islamic finance ecosystem continues to expand exponentially, the number of countries incorporating at least one type of Shari’a-compliant financial product grew from 47 in 2021 to 56 in 2022. Additionally, total Islamic financial assets increased from nearly $4.0 trillion in 2021 to $4.5 trillion in 2022. This demonstrates that Islamic financing is not limited to Muslim-majority countries or regions and highlights the many benefits of this holistic economic model. Such traction needs to be met with a banking solution infrastructure that can handle such rapid growth and complex transformation.

ICSFS invests in its software suites by utilising modern technology in launching new products, constructing a secured and agile integration, and keeping pace with new standards and regulations worldwide. ICS BANKS® software suites future-proof banking activities by providing a broad range of features and capabilities with more agility and flexibility, to enrich customers’ journey experience, hence improving the trust and confidentiality between the customer and the bank. ICS BANKS® has always been a pioneer in utilising the latest technology to serve financial institutions. In addition to its embedded service-oriented architecture (SOA), the system can be deployed on-premises, hybrid, or cloud.