International Turnkey Systems, a regional ICT provider that specialises in supplying Islamic banking technology have completed a state-of-the-art technology upgrade of Barwa Bank’s systems, offering integrated Shariah-compliant financial services.
Barwa Bank identified it needed to adopt an Islamic finance technology solution that allowed it to continue providing its full suite of financial services including retail, corporate and commercial banking, real estate finance, investments and asset management.
The secure, flexible and reliable ETHIX suite of financial services, provided by ITS, now forms the core banking technology for Barwa Bank, boosting its operational and growth capabilities, enabling it to offer new customer centric solutions in the spirit of Shari’ah-compliance.
By investing in a new finance technology solution, Barwa Bank said it will significantly reduce its 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,” a statement said.
Barwa Bank Group chief operation officer & general manager (International) Keith Bradley, explained its rationale for choosing to work with ITS on this project: “Our ultimate aim of investing in this state-of-the-art technology was to ensure that we could improve the services that we offer our customers in Qatar, providing the most competitive Islamic financial products in the market. ETHIX was the perfect fit for our business, offering a unified and consolidated solution, which centralised all our programmes into one easy to manage system. It is specifically designed to meet our requirements in several aspects, including managing processes of completion and executing transactions, the integration of various departments, divisions and units to ensure streamlined access to information and swift transactions.”
Hany Ramadan, director – Global Financial Solutions (Part of ITS Group), noted: “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 realising 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 Qatar and specifically integrating our award winning ETHIX platform with existing core banking software infrastructures”.