Kuwait Finance House upgrades ETHIX core banking

Core banking upgrade will allow KFH to offer new Islamic financial services

Tags: Banking and financeInternational Turnkey Systems GroupKuwaitKuwait Finance House - Kuwait
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Kuwait Finance House upgrades ETHIX core banking ETHIX will allow KFH to offer new Shariah compliant financial services.
By  Mark Sutton Published  March 11, 2014

Kuwait Finance House (KFH) has upgraded its core banking systems to International Turnkey System's (ITS) ETHIX financial solutions, which will allow it to expand its range of Shariah compliant financial services.

KFH will focus on the developing Shariah financial solutions for the real estate sector, and the company has also gained a number of other benefits from updating its core systems, including better integration with other systems, reduced OPEX due to only supporting one system, and elimination of manual data processing.

Mohammad Nasser Al Fouzan, KFH chief retail banking officer, said: "This partnership with ITS has enabled Kuwait Finance House to deliver a comprehensive solution that unifies our financial systems within our Real Estate department. By investing in ETHIX, we can now offer our customers Islamic Real Estate financial products, allowing us to start competing in this market. All credit due to the teams involved that worked tirelessly in order to deploy these services and implement this successfully within the timeframe."

Hany Ramadan, director - Global Financial Solutions, ITS, commented: "We are honored to have been chosen to deploy such an important system for Kuwait Finance House and once again ITS proves its expertise in the Islamic Banking sector by completing another successful project. We have a strong track record of working with leading financial institutions and specifically integrating our award winning ETHIX platform with existing core banking software infrastructure."

ETHIX provides multi-channeled corporate and retail products and services in Islamic finance and investment including core banking, trade finance, branch automation, online banking, dashboards and reports in addition to other products and services that represent an answer to the challenges encountered by the financial institutions and can only serve to enhance their competitive edge.

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