The ICS BANKS solution was implemented in less than four months at FIB. Credit: Pexels from Pixabay

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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.”