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ICSFS selected by Summit Bank for banking infrastructure
ICSFS selected by Summit Bank for banking infrastructure

Finextra

time14-07-2025

  • Business
  • Finextra

ICSFS selected by Summit Bank for banking infrastructure

ICS Financial Systems ltd. (ICSFS), a leading global provider of premium universal banking software solutions, is pleased to announce that it has been selected by Summit Bank Limited – a newly established non-interest bank in Nigeria – to be their Banking Infrastructure provider. 0 The collaboration includes the deployment of ICS BANKS® Islamic Banking Solution as well as ICS BANKS® Digital Banking Solution at the banks' headquarters and six branches, marking a significant step forward for Summit Bank in bringing next-gen Digital sharia-complaint financial services to the Nigerian market. The ICS BANKS® Islamic Banking Solution will provide Summit Ban with a broad range of non-interest financing products, all to be delivered via several convenient digital touchpoints powered by ICS BANKS® Digital Banking Solution which encompasses modules such as SMS Banking Notifications System, ICS BANKS® Smart Mobile/Tablet Banking, ICS BANKS® Internet Banking, as well as ICS BANK® ERP Suite. Summit Bank also opted for several critical banking modules include ICS BANKS® Credit Facilities and Risk Groups, ICS BANKS® MIS, Remittances, Trade Finance, Islamic Treasury Module, IFRS9 ECL Module, e-KYC with 360° customer exposure, as well as the Risk Rating and Credit Scoring Modules. Mr. Umar Ahmed, Chairman of Summit Bank: "We are happy and excited moving forward with ICSFS as our technology partner. Such a decision is seldom an overnight one, especially since our success relies to a great extent upon the quality of our technology infrastructure and front end. It is also the window through which our customers will access our products and services, thus playing a crucial role in shaping the road ahead of us. Having examined the ICS BANKS® banking solution closely, I'm confident that our journey will be a smooth one. We have a strong faith in ICSFS to be our partners as we navigate the intricacies of sharia compliance in the modern banking world. We expect ICSFS to provide us with all the support we need to make our contribution to the Nigerian economy and promote financial inclusion." Dr. Mukhtar Adam, COO of Summit Bank: "We would like to thank ICSFS for their commitment towards being a strong partner and ally to Summit Bank. Their transparency with us from the first day has given us a sense of ease in knowing that we are able to rely on them completely. Technology is at the heart of banking and financial services, and it shapes the way our customers experience our services and interact with us. Therefore, having a dependable technology partner like ICSFS is a key success factor for us. Thus far, our engagement with ICSFS has shown us just how committed they are to our success, they have demonstrated excellent knowledge of our market, regulations and due processes, not to mention their ability to build the software in full compliance of our needs and requirements, deploy it, and maintain it. We have complete confidence in our choice of ICSFS as our technology partner, and we look forward to experiencing the immense power of their flagship banking solution: ICS BANKS®." Robert Hazboun, Managing Director of ICSFS: "Welcoming a new member to the ICS BANKS® family is always a joyous occasion for myself and everyone at ICSFS, and it is with tremendous pride that we can consider Summit Bank, Nigeria's newest non-interest bank, to be a cherished member of our growing family. We have a solid presence and an immense experience in the Nigerian market, which gives us a lot of confidence in our ability to impress our new client and be a true partner to them every step of the way. "Our top priority has been and will always be Customer Support, something that we take a lot of pride in doing excellently, not to mention the strong emphasis we place on conducting efficient, quick, and smooth implementation and go-live processes. We wish Summit Bank all the luck, success, and prosperity, and we look forward to an exciting journey further shaping the financial services market in Nigeria and the region." A signing ceremony to commemorate this significant partnership was held at the ICSFS Centre of Excellence in Amman. The event was attended by Summit Bank's Chairman, Mr. Umar Ahmed, and CEO, Dr. Mukhtar Adam, along with their Business and Technical Advisors, Mr. Meshack Ossai and Mr. Taiwo Akinde. Representing ICSFS at the ceremony were Global CEO, Mr. Robert Hazboun, Executive Director, Mr. Wael Malkawi, and a team of ICSFS senior management. ICSFS invests in its software suites by utilising modern technology in launching new products, constructing a secured and agile integration, and keeping pace with new standards and regulations worldwide. ICS BANKS® software suites future-proof banking activities by providing a broad range of features and capabilities with more agility and flexibility, to enrich customers journey experience, hence improving the trust and confidentiality between the customer and the bank. ICS BANKS® has always been a pioneer in utilising the latest technology to serve financial institutions. In addition to its embedded Service-Oriented-Architecture (SOA), the system can be deployed on-premises, hybrid, or cloud.

STC Bank launches "Numu+" savings product
STC Bank launches "Numu+" savings product

Zawya

time13-07-2025

  • Business
  • Zawya

STC Bank launches "Numu+" savings product

STC Bank has launched the unique savings product "Numu+", which aims to encourage customers to save through an innovative concept. Customers can benefit from valuable additional rewards and gifts, including luxury cars, cash, and electronic devices, offered by the bank as an incentive to grow their personal savings. The "Numu+" savings product was primarily designed as an account that enables customers to save through a unique experience via the bank's app. This product is in line with the Vision 2030, specifically the Financial Sector Development Program, and the goal of raising the savings rate across the Kingdom from 6% to 10%. It also continues STC Bank's efforts to introduce innovative digital products that enhance the financial solvency of various customer segments. STC Bank's continued growth is driven by its customer centric digital financial services platform, which allows individual users to open a bank account with an IBAN number. This allows customers to enjoy a host of benefits, including the "Numu+" savings service, instant local and international transfers at competitive rates via mobile numbers, card services, an online store, expense monitoring and financial planning features, and other daily financial transactions, all of which have become easier than ever before.

Meethaq Islamic Banking awarded the Pioneer in Digital Islamic Banking title
Meethaq Islamic Banking awarded the Pioneer in Digital Islamic Banking title

Times of Oman

time12-07-2025

  • Business
  • Times of Oman

Meethaq Islamic Banking awarded the Pioneer in Digital Islamic Banking title

Muscat: Reaffirming its leadership in delivering Sharia-compliant banking and financial solutions, Meethaq Islamic Banking from Bank Muscat has been awarded the Pioneer in Digital Islamic Banking for 2025 title at the OER DX Live Conference and Awards event, organised by Oman Economic Review (OER). The event was held under the patronage of H.E. Suba' Hamdan Al Saadi, with the attendance of H.E Sheikh Salim Mustahail Al Mashani. Ali Ahmed Al Lawati, Assistant General Manager, Meethaq Corporate Banking, received the award on behalf of Meethaq Islamic Banking, alongside officials from various institutions and practitioners from the digital banking industry. On this occasion, Ali Ahmed Al Lawati expressed his pride in the recognition Meethaq has gained with this prestigious award. He stated: 'This accolade reaffirms Meethaq's pioneering role in the country's Islamic banking sector by offering comprehensive solutions that meet the varied requirements of customers. Meethaq has significantly contributed to reshaping the Islamic banking landscape in the Sultanate, evident in the trust and strong uptake from customers for Meethaq's Sharia-compliant financial solutions. Meethaq continues to uphold its excellence and innovation by delivering distinguished and forward-thinking Islamic banking solutions aligned with aspirations and financial goals of Meethaq's institutional and individual customers.' Meethaq provides a full suite of Sharia-compliant banking products and financing solutions designed to serve the needs of individuals, SMEs, and corporate entities. All offerings are subject to the regulatory framework of the Central Bank of Oman and undergo thorough Sharia audit and supervision by Meethaq's Sharia Supervisory Board to ensure full compliance with Islamic jurisprudence. The Sharia-compliant offerings for retail customers include deposit products such as savings accounts, current accounts, children's savings accounts, fixed deposits and Meethaq's structured savings plans. On the financing front, Meethaq offers a range of Islamic finance facilities, including personal finance, auto finance, home finance, and funding for travel, education, marriage, and personal purchases. For its SME and corporate customers, Meethaq offers a variety of commercial banking solutions, including current accounts, project finance, short-term and long-term financing facilities, trade finance based on 'Ijarah', and large-scale project financing. All these offerings are structured in accordance with Islamic financial principles. In addition, Meethaq has upgraded its digital platforms thereby individual and corporate customers may avail a suite of Sharia-compliant solutions and services, aiming to offer them an exceptional banking experience. Meethaq operates the largest branch network in the Islamic banking sector in Oman, with 32 dedicated branches across the Sultanate. It also maintains over 50 self-service machines for cash deposit and withdrawal. In addition, Meethaq's customers benefit from access to over 900 ATMs and CDMs across Bank Muscat's network, offering seamless access to its banking services. Meethaq's commitment to excellence in Islamic finance has been recognised over the years through numerous regional and global accolades. These include the Best Islamic Investment Bank Award from Islamic Finance News, Best Digital Islamic Bank and the Market Leadership Awards from Global Finance, and Best Islamic Banking Window Award at the Thimar Excellence Awards by The Arabian Stories. These honours underscore Meethaq's position as a leading Islamic financial institution, firmly dedicated to offering Sharia-compliant banking and investment solutions that align with the evolving needs of both individual and institutional customers.

Kuwait International Bank installs Diebold Nixdorf's ITMs
Kuwait International Bank installs Diebold Nixdorf's ITMs

Yahoo

time10-07-2025

  • Business
  • Yahoo

Kuwait International Bank installs Diebold Nixdorf's ITMs

Kuwait International Bank (KIB), which operates in compliance with Shari'ah principles, has installed Interactive Teller Machines (ITMs) from Diebold Nixdorf. The deployment was done in association with Diebold Nixdorf's licenced partner in Kuwait, Axis Solutions. The ITMs have been currently deployed at select KIB branches, with plans for further installations, including DN Series ATMs with video capabilities, soon. The new ITMs enable customers to connect with live tellers via video to facilitate transactions outside traditional banking hours. The features include processing transactions beyond standard cash withdrawal and deposit limits, depositing and cashing cheques, on-the-spot debit card printing for immediate activation, and updating Civil ID information directly at the machines. The ITMs also offer accessibility features such as voice guidance and tactile keypads. KIB retail banking deputy general manager Nawaf Al-Khrayef said: "Our new ITMs represent a significant step forward in our commitment to deepening customer relationships by delivering a banking experience that aligns with today's modern lifestyles. 'By leveraging Diebold Nixdorf's innovative technology, we are offering advanced self-service options that are more convenient and efficient. This advancement reflects our continued efforts to elevate customer service standards in the country and reinforces our core promise to be a true 'Bank for Life'." Diebold Nixdorf Middle East managing director Habib Hanna stated: "We are excited to partner with Kuwait International Bank to provide their customers with a modern and convenient banking experience, all in one convenient location. Diebold Nixdorf's ITMs are easy to service and offer a suite of advanced capabilities that empower KIB to meet the evolving needs of their customers." In May, Qatar-based QNB implemented Diebold Nixdorf's DN Series 500 cash recycler. "Kuwait International Bank installs Diebold Nixdorf's ITMs " was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio

Bank Nizwa unlocks new horizons for fintech with Sharia-compliant open banking services
Bank Nizwa unlocks new horizons for fintech with Sharia-compliant open banking services

Zawya

time08-07-2025

  • Business
  • Zawya

Bank Nizwa unlocks new horizons for fintech with Sharia-compliant open banking services

Muscat: In a move that underscores its growing leadership in Sharia-compliant digital banking solutions, Bank Nizwa — the leading and most trusted Islamic bank in the Sultanate of Oman — has introduced a Sharia-compliant Open Banking solution for fintech partners. This initiative aligns with the Central Bank of Oman's (CBO) vision to foster innovation in the financial sector and accelerate digitalization in banking to strengthen the nation's digital financial ecosystem. The solution empowers fintechs and partners to design innovative financial solutions within a framework that upholds the highest standards of regulatory integrity and full compliance with Islamic Sharia principles. Commenting on this, Mr. Khaled Al Kayed, Chief Executive Officer of Bank Nizwa, stated, 'At Bank Nizwa, we see Open Banking as a powerful enabler – one that allows us to push the boundaries of what Islamic banking can offer in today's fast-moving digital landscape. This initiative reflects our commitment to shaping a future where Sharia-compliant finance converges with cutting-edge digital capabilities, offering our partners and customers unprecedented access to smarter, more personalized financial solutions. It is a continuation of our efforts to make banking more connected, more intuitive, and deeply aligned with the evolving needs of those we serve.' The Open Banking solution has been thoughtfully designed to create value for all stakeholders across the financial ecosystem, delivering enhanced functionality while remaining firmly grounded in the principles of Islamic finance. Built on a secure API framework, it enables authorized third parties to access account data and banking services through customer-approved permissions, ensuring transparency, data protection, and regulatory alignment. This architecture allows financial institutions and developers to connect with Bank Nizwa's core systems in real time, accelerating the development of next-generation digital offerings and expanding the reach of Sharia-compliant financial innovation. For Fintechs, it provides a robust and scalable foundation to bring Sharia-compliant solutions to market with greater speed and efficiency. Customers, in turn, benefit from a more intelligent and advanced banking experience, with services that are increasingly customized, responsive, and easy to access. The solutions strengthen the broader financial landscape and support the evolution of more inclusive, tech-driven banking services. As Open Banking continues to reshape the financial landscape, Bank Nizwa remains focused on ensuring that the principles of Islamic finance evolve in tandem with these advancements. By championing technologies that foster transparency, adaptability, and greater financial participation, the bank is helping shape a digitally mature ecosystem that is responsive to both present-day needs and future opportunities. This latest initiative reflects Bank Nizwa's long-term approach where strategic investments in innovation are matched by a deep commitment to purpose-driven growth and lasting impact.

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