Al-Ataa Islamic Bank for Investment and Finance, a new bank in Iraq, has selected the ICS Banks Islamic platform from leading banking technology provider ICS Financial Systems (ICSFS).
Al-Ataa Islamic Bank will provide Sharia-compliant products and services through its eight branches across the country. It specializes in project financing for small and medium-sized enterprises (SMEs), lease financing, real estate financing and the development of other investment solutions.
Kadhom Khalaf Al-Shamary, managing director of the bank, explains that ICS Banks was chosen for its strong regional track record. “Working side-by-side with ICSFS will give us flexibility and help us deliver superior services to our customers,” he adds.
Wael Malkawi, executive director of ICSFS, says the company is delighted to have been chosen among “many other suppliers”.
ICS Banks has had a string of wins in Iraq over the past two years, including Al Sanam Islamic Bank, Al Wifaq International Islamic Bank, First Iraqi Bank and UR Islamic Bank for Investment.
Other core banking technology providers in Iraq (and rivals to ICSFS) include BML Istisharat, Path Solutions and Temenos.