Dubai Islamic Bank picks Flexcube core

Dubai Islamic Bank is implementing a new core banking system to facilitate the massive worldwide growth it has experienced and power its future expansion plans.

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By  Chris Whyatt Published  February 5, 2006

Dubai Islamic Bank is implementing a new core banking system to facilitate the massive worldwide growth it has experienced and power its future expansion plans. Executives from the bank, which claims to be the world’s first fully-fledged Islamic bank, announced last month that the financial institution had selected the Flexcube platform product suite (from i-flex) to replace its 20-year-old home-grown application and database infrastructure by the end of the year. The US$2million-plus rollout of Flexcube — on which all its customer accounts will be performed and online banking operated — has already commenced for the bank’s operations in Pakistan and will provide an integrated and comprehensive Islamic banking platform across the bank’s global operations by the end of 2007. “Our vision is to make Dubai Islamic Bank a progressive driving force for change in the Islamic banking community,” said Aref Kooheji, executive vice president, investment and corporate banking group, Dub- ai Islamic Bank. “Advanced technologies are pivotal change agents in this process and we have selected Flexcube to facilitate this continual transformation,” he added. “It is customer-focused and remarkably flexible for introducing new banking products,” he went on to say. Flexcube’s ability to allow the bank to quickly release new products was the chief reason for its selection, according to Dubai Islamic Bank’s Group Head of IT, Nadeem Busheri. “I-flex’s integrated and comprehensive Islamic Banking platform will provide Dubai Isl- amic Bank with efficient operations via Straight through Processing, flexibility and quicker time to market for launch of new products and services,” he said. “It’s a huge project that we have embarked on.” At present, Dubai Islamic Bank estimates that Islamic banking institutions are managing funds in excess of US$200 billion globally. Dubai Islamic Bank is looking at new markets, such as Turkey, Sudan and Pakistan, in which it can move into and said that its new core banking application would help fuel such growth. “Dubai Islamic Bank’s selection of Flexcube product suite underscores its functional richness and the ability to meet the expectations of Islamic Banking institutions,” said Deepak Ghaisas, CEO, India operations and CFO, i-flex solutions.

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