UR Islamic bank for Investment, a privately-owned 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.

UR Islamic Bank for Investment provides Shari’a-compliant financing products and services with a strong focus on customer needs driven by specialised industry insights, technological innovation, and the highest commitment to service quality. The bank took a decision to replace its legacy system by ICS BANKS Islamic Banking solution from ICS Financial Systems – ICSFS.

UR Islamic Bank for Investment, Chairman commented: “I have joined the UR Islamic Bank management team last year, and realised, in order to become a leading Islamic banking institution inside Iraq and globally, and meet our customer’s expectations and provide innovative banking trends, we need to have the strongest, most experienced, and most innovative Islamic banking software solution. This is where we found ICS BANKS Islamic banking software solution, which carries full Shari’a-compliant coverage of Islamic finance and banking ecosystem, and records the fastest and trouble-free implementation time in the region.”

UR Islamic Bank for Investment will be implementing ICS BANKS Islamic banking solution, in its Head Quarters and five branches. UR Islamic Bank will be implementing; ICS BANKS Islamic Core, Financing Facilities & Risk Groups, Trade Finance, Remittances, Murabaha, Mudaraba, Musharaka, Ijara, Istisna’a, Profit Distribution, Al-Qard Al-Hassan, and Time Deposit.

Executive Director of ICSFS, Wael Malkawi stated: “With no room to compete, our banking software solutions have a successful proven record of fast and hassle-free implementation with high security and scalability, dynamic product building with a lower total cost of ownership (TCO), and time-to-market, and most importantly highest customer satisfaction, especially in Iraq. Our ICS BANKS Islamic is fully integrated and provides Shari’a-compliant products with international standards, real-time business processing, and the value-added capabilities of tailoring products, on-premises or on the cloud. It future-proofs banking activities by providing a broad range of seamless and flexible features. We welcome UR Islamic Bank to our ICS BANKS community and are happy to take this privilege to be UR Islamic Bank’s strategic technology partner.”

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 suite 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 or on the cloud.