First Iraqi Bank (FIB), claimed to be the first and only fully digital bank in Iraq, has gone live on the ICS BANKS Digital Banking solution from ICS Financial Systems (ICSFS).
The bank will have a full digital onboarding process.
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Its clients can open an account online quickly, getting access to a suite of services.
ICSFS executive director Wael Malkawi said: “The bank has leveraged ICSFS’ long and comprehensive business-coverage, cost-effectiveness with fast, productive, accurate, and hassle-free implementation.
“First Iraqi Bank’s partnership with ICSFS will future-proof their banking services through our world-class software, built on first-class technology.”
The ICS BANKS solution, which can be deployed on-premises or on the cloud, was implemented in less than four months at FIB.
FIB looks to set up a bank to transform the banking space in Iraq, the MENA region, and other unbanked populations that mainly rely on cash.
In May this year, Uzbekistan’s Asia Alliance Bank chose ICSFS’ ICS BANKS Islamic Banking software solutions to provide Shari’a compliant offerings.
The software suite will enable the lender to offer various Islamic instruments including Murabaha, Ijarah, Mudaraba, trade finance, and time deposit.
First Iraqi Bank managing director Shaymaa Ali Hussein said: “We are now providing one of the best – if not the best – comprehensive end-to-end customer journey in the Iraqi banking market.
“I am truly proud of what our team and ICSFS’ team have jointly accomplished, and happy to state that we are not just providing digital banking services to our customers, we are their financial adviser, manager, mentor, and supporter.”
