Bahrain bank commits to ITS

Bahrain Islamic Bank is to adopt services and solutions from ITS to help the bank meet the challenges of competition from regional financial markets.

  • E-Mail
By  Daniel Stanton Published  February 26, 2006

Bahrain Islamic Bank is to adopt services and solutions from ITS to help the bank meet the challenges of competition from regional financial markets. The solutions will cover core banking, branch automation, Islamic finance, and internet banking, as well as technical services associated with human resources, treasury and Shariah-compliant investment management. ITS will also provide corporate services such as Islamic trade and finance, opening letters of credit, staff salary transmissions, account-to-account transfers and online management facilities between head office and branches. “Conventional and Islamic banks race to provide the latest technologies to ensure a higher market share, better banking performance and real-time services,” said Yousif Saleh Khalaf, CEO of Bahrain Islamic Bank. “With the tremendous increase in the number of internet users and the possible access to accounts and other banking services from anywhere in the world, it has become imperative for banks to introduce the internet banking service.” The two organisations have a longstanding relationship and have worked together since the early 1980s. ITS’ managing director, Khalid Faraj Al-Saeid, said: “ITS is proud that its solutions and technological services are part and parcel of the development strategies of Bahrain Islamic Bank, which is one of the leading financial institutions offering Shariah-compliant banking products and services in the region. “We believe in the importance of the link between information technology and the banking sector which has now become more dependent on state-of-the-art technologies in offering services and enhancing performance.” The second phase of the agreement is due to begin later this year and will cover documental endorsements, treasury & portfolio management and investments.

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