Barwa Bank upgrades systems with ITS' ETHIX
ETHIX suite of Islamic finance solutions to improve performance for Barwa Bank
Qatar's Barwa Bank has deployed new Islamic banking solutions from ITS (International Turnkey Systems).
The bank has deployed ITS' ETHIX suite of financial services, increase performance and reduce operational costs in line with Shari'ah banking requirements.
The solution is intended to significantly reduce Barwa Bank's operational expenditure as ETHIX consolidates all of its services under one unified system. By having more control and streamlined processes across its entire business, the bank will be able to achieve greater efficiency, speed up product development and create a stronger and more valuable experience for its customers in the region.
Hassan Al Awad, AGM Group Head of IT & PMO from Barwa Bank said: "We understood that in order for us to improve the services we provide our customers, we needed to invest in this state-of-the-art Islamic finance technology. Now we can provide the most competitive products in the market. ETHIX brings a unified and consolidate solution, which is designed to meet our specific requirements.
"This announcement with ITS represents a milestone for Barwa Bank as we maximize our efforts to deploy the best Shari'ah compliant financial services for our customers. We look forward to witnessing how it will reduce our operational and maintenance expenditure and the time it will save our operations department."
Hany Ramadan, director - Global Financial Solutions (Part of ITS Group) said: "The completion of this project marks yet another successful deployment of ETHIX within a regional financial powerhouse such as Barwa Bank. It is encouraging to see many banks realizing the impact that ETHIX can have on their business. We have provided Barwa a flexible solution that empowers its financial processes, facilitating a greater control of its services and ultimately allowing for better customer services and experiences. We have a strong track record of working with leading financial institutions in the Middle East and specifically integrating our award winning ETHIX platform with existing core banking software infrastructures."