The Emirates Islamic Bank has opted for Infosys Finacle Islamic Banking solutions to improve its operations and to support its vision of making Dubai the center of global Islamic Banking. This solution will help the bank to serve its customers with enhanced efficiency, manage its operations more effectively, and meet the required reporting and compliance obligations.
Speaking about the deployment, Michael Reh, Senior Vice President and Global Head of Finacle, Infosys, stated, “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.”
The Finacle Islamic Banking Solution is a cost-effective, customer centric banking platform and it easily creates a wide range of products and services that will be compliant with the stringent Sharia business rules and accounting rules. The solution is based on Service-Oriented Architecture (SOA) and ensures transparency of accounting and profit-sharing, along with rigorous operational risk control.