News Column


June 6, 2014

ITS has introduced Shari'ah compliant financial solution for Barwa Bank in Qatar.

Barwa Bank has distinguished it required to take over a Islamic finance technology solution, which allowed it to continue offering its full suite of financial services including retail, corporate and commercial banking, real estate finance, investments and asset management.

The ETHIX suite of financial services, offered by ITS, now forms the core banking technology for Barwa Bank enabling it to offer new customer centric solutions in the spirit of Shari ah-compliance.

Barwa Bank would importantly cut down its operational expenditure as ETHIX consolidates all of its services under one unified system via investment in a new finance technology solution.

The bank hopes to be able to attain greater efficiency, accelerate product development and create a stronger and more valuable experience for its customers in the region by having more control and streamlined processes throughout its entire business.

According to Keith Bradley, Group Chief Operation Officer & GM International from Barwa Bank explained its rational 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 centralized all our programs 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.

The Shari ah-compliant ETHIX solution has been created for backing up financial institutions to achieve operational excellence, accommodate growth and gain cost leadership in the financial services sector. ETHIX offers multi-channeled corporate and retail products and services in Islamic finance and investment, comprising core banking, trade finance, branch automation, online banking, dashboards and reports in addition to other products and services that represent an answer to the challenges encountered by the financial institutions which can only serve to enhance their competitive edge.

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Source: TendersInfo (India)

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