Al-Salam and Applied Computers ink deal

The solutions will not only fully automate all operations of Al-Salam, which was established in Sudan in 2004, but also enhance the bank’s position and capabilities to offer Islamic finance and investment business.

  • E-Mail
By  Shankar Sharma Published  March 1, 2005

Al-Salam Bank of Sudan and Future Applied Computer Technology (FACT)- the Jordanian specialists in developing technical solutions for Islamic banking and insurance sectors – have signed a trio of agreements in Amman, Jordan. The deal has been heralded as being in favour of raising joint Arabic economic business. The agreements will involve FACT providing Al-Salam with the banking package BanXware 3.2/OraBank, in addition to e-banking services Fact e-banking, plus the electronic transactions processing system FastCash-ATM network. These solutions will not only fully automate all operations of Al-Salam (established in Sudan in 2004) but also enhance the bank’s position and capabilities to offer Islamic finance and investment business. Establishing the bank with a capital of US$100,000 was announced previously during a press conference in Al-Khartoum, Sudan. “This investment comes while Sudan is witnessing a great economic leap and a hopeful investing climate,” states founding member Hussein Mohammad Al-Meizeh at the time. Al-Meizeh has now made it known that the deal with Fact came as a result of other success stories and experiences regarding the application of technical solutions in various locations in the region. “Establishing Al – Salam Bank is meant to enhance Arabic countries utilization of Arabic capitals and investments,” he adds. The positive feeling is mutual. FACT vice-chairman Nabil As’ad expressed his organisation’s pride with being entrusted to apply technical solutions by the bank – which it believes to be an ambitious establishment. This view has also been endorsed by Jamal Foudeh, marketing and sales manager at FACT. Foudeh pointed out that the signing of these agreements heralds a remarkable step forward in the FACT progress toward spreading its applications and solutions in the Islamic banking sector. Since it’s founding in early 1998, the company’s services have rapidly expanded to cover the Middle East, Arab Gulf and Northern and Eastern Africa thanks to several successful applications.

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code