Al Mustashar Islamic Bank, a newly established bank in Iraq, has started operating on the ICS Financial Systems (ICSFS)-provided Islamic banking software.

ICSFS completed the rollout of its ICS BANKS ISLAMIC solution in three months.

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The ICS BANKS ISLAMIC is a modular fully integrated solution developed in accordance with the norms of Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).

Al Mustashar Islamic Bank will implement ICS BANKS ISLAMIC Core Banking System, Credit Facilities & Risk Groups, Time Deposit, Remittances and Trade Finance and other Islamic banking services.

Al Mustashar Islamic Bank vice-chairman Ahmad Alsaadi said: “As a newly established bank, we are looking for innovative and bespoke Islamic banking solutions to help us stay ahead in this highly competitive market.

“Working on ICS BANKS ISLAMIC will enable us to open new opportunities, to streamline operations and drive growth following the principles of Shari’a.”

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In the second quarter of last year, the lender secured the Central Bank of Iraq approval to provide Shari’a-compliant banking services.

ICSFS executive director Wael Malkawi said: “ICSFS’ mantra has always been applying advanced technologies to cover all business’ scopes to provide banks and financial institutions with the highest financial and technology standards, and achieve their goals through bespoke practices.

“Al Mustashar Islamic Bank will enjoy ICS BANKS ISLAMIC universal software’s complete and integrated end-to-end comprehensive suite through automating its banking services.”

ICSFS is engaged in providing modular, core banking systems to financial intuitions. The company has its offices in the UK, the UAE, Saudi Arabia, Jordan and other countries.