Al Hilal Bank gets ETHIX Islamic finance solution
ITS' ETHIX-Profit Computation and Distribution will automate profit and asset management operations
Al Hilal Bank has rolled out the ETHIX-Profit Computation and Distribution (PCD) Islamic banking system from International Turnkey Systems (ITS Group).
The Sharia-compliant solution, part of the ETHIX Islamic finance and investment solution suite, will automate the bank's bank's profit and asset management operations, reducing risk, and eliminating the unnecessary costs, time and effort associated with manual intervention.
The project was completed in record time, thanks to ITS' expertise in Islamic finance solutions, the bank said.
"Our Strategic partnership with ITS enables us to deliver a comprehensive solution that satisfies the Islamic banking needs of our customers. Since our inception we have maintained a strong focus on innovation and operational excellence. The ETHIX system we have deployed reflects these commitments as it facilitates real time calculation and distribution of profit and losses across all transactions in a highly efficient and accurate manner," said Mohamed Jamil Berro, CEO, Al Hilal Bank.
"Time and again, ITS proves its importance in the Islamic banking sector, winning the confidence of the most important financial institutions in the Middle East and Gulf region. It gives me great pride that our solutions and services are a key part of the growth strategy of leading Islamic banks operating in the region," added Haitham Abdou, group director - Global Financial Solutions.
ITS ETHIX is designed to support financial institutions to reach operational excellence, accommodate growth and achieve cost leadership in financial services. ETHIX provides multi-channelled 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.