Emirates Islamic Bank to run Finacle banking solution
Finacle Islamic Banking solution to help EI offer Sharia-compliant services
Emirates Islamic Bank (EI) has selected the Infosys' Finacle Islamic Banking solution to power its operations.
The Finacle solution is intended to enable the bank to serve its customers with greater efficiency, manage its operations more effectively, and meet the required reporting and compliance obligations.
The bank said in a statement that it chose Finacle Islamic Banking Solution as it is a cost-effective, customer-centric and Sharia-compliant banking platform with proven scalability and a lean and open architecture for easy implementation.
The solution will allow EI to easily create a wide range of products and services that will be compliant with the stringent Sharia business rules and accounting rules. The solution is based on a Service-Oriented Architecture (SOA) platform with Straight Through Processing (STP) capabilities, which will enable greater operational efficiency and effectiveness for the bank. The solution will also ensure transparency of accounting and profit-sharing, along with rigorous operational risk control
Michael Reh, senior vice president and global head of Finacle, Infosys said: "Islamic banks have shown strong growth over the last few years, with significant global potential for further expansion. To effectively leverage this opportunity, they need a robust and flexible technology backbone which can empower them to innovate faster and deliver personalized banking experiences. Finacle is well placed to help fulfil these aspirations with its proven Islamic Banking solution based on an industry leading technology platform. This partnership will act as a model deployment for banks offering Islamic banking services."