Uzbekistan’s Asia Alliance Bank has selected ICS Financial Systems’ (ICSFS) ICS BANKS Islamic Banking software solutions to provide Shari’a compliant offerings.
The software suite will allow the lender to offer several Islamic instruments including Murabaha, Ijarah, Mudaraba, trade finance, time deposit among others.
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Asia Alliance Bank management board chairman Ikram Abdukakhorov said: “Being one of the first banks in Uzbekistan in adopting Islamic banking – in compliance with the Shari’a law, Asia Alliance Bank will be heading towards providing its clients with a new holistic banking exposure.
“We are committed to bring and expand our offerings by implementing innovative and trusted business and technology applications. We are excited about our new partnership with ICSFS, and look forward to a fruitful future.”
ICSFS executive director Weal Malkawi said: “Although we are living in a very challenging times due to the pandemic, ICSFS’ strong and solid reputation is paving its way into new regions.
“Our ICS BANKS Islamic is being used by many of our universal banking clients, adding Asia Alliance Bank to our client community base is a true testament to our succession.”
Asia Alliance Bank offers commercial and retail banking services. The lender has also established several partnerships with a number of foreign banks to strengthen its footprint.
In March, Iraq’s digital-only lender First Iraqi Bank (FIB) selected ICSFS’ ICS BANKS Digital Banking platform to go live.
