Emirates Islamic Bank plugs into Islamic Banking soln

DUBAI: Emirates Islamic Bank (EI), a Sharia-compliant banking institution in the Middle East, has selected the Infosys Finacle Islamic Banking solution to power its operations and to support its vision of making Dubai the center of global Islamic Banking.

With Finacle, EI, as explained in a press update, can leverage a world-class platform that will enable the bank to serve its customers with greater efficiency, manage its operations more effectively, and meet the required reporting and compliance obligations.

The bank chose Finacle Islamic Banking Solution since it is a cost-effective, customer-centric and Sharia-compliant banking platform with proven scalability and a lean and open architecture for easy implementation, it stated. With the Finacle solution, EI will be able to easily create a wide range of products and services that will be compliant with the stringent Sharia business rules and accounting rules.

The Finacle Islamic Banking Solution is also said to ensure transparency of accounting and profit-sharing, along with rigorous operational risk control.

Michael Reh, Senior Vice President and Global Head of Finacle, Infosys said, “Islamic banks have shown strong growth over the last few years, with significant global potential for further expansion. To effectively leverage this opportunity, they need a robust and flexible technology backbone which can empower them to innovate faster and deliver personalized banking experiences. Finacle is well placed to help fulfil these aspirations with its proven Islamic Banking solution based on an industry leading technology platform. This partnership will act as a model deployment for banks offering Islamic banking services.”