Home / / Kuwait Finance House upgrades ETHIX core banking

Kuwait Finance House upgrades ETHIX core banking

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

Kuwait Finance House upgrades ETHIX core banking
ETHIX will allow KFH to offer new Shariah compliant financial services.

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.

Follow us to get the most comprehensive IT solutions delivered fresh from our social media accounts on Facebook, Twitter, Youtube, and listen to our Weekly Podcast. Click here to sign up for our weekly newsletter on curated technology news in the Middle East and Worldwide.

REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.