its 142 branch network, with the first branch live by mid-2012 and a further seven by the end of the year. There was one loss coming at Warba Bank in its home


market of Kuwait, with the new Islamic bank opting for Oracle FSS’s Flexcube. However, there was something of an upturn in 2011 as three Islamic gains were made, coming in the UAE at Reem Finance and start-up Siraj Finance, as well as in Sudan at Al-Jazeera Bank. Further progress was made in Sudan the following year


as ITS rolled out the Islamic version of Ethix at the Sudanese subsidiary of ADIB. By this stage, Ethix was now used by the bank in the UAE, Iraq, Egypt, Yemen and the UK, with Qatar also added in 2011. 2012 also saw Ethix selected for the National Bank of Egypt’s new operation in Sudan. This subsequently went live after a three-month implementation. The main competition came down to Path and its iMal offering; NBE visited Al-Jazeera Bank and received ‘positive feedback’. Around the same time, ITS also finalised a deal with NBE to implement Ethix for Shari’ah-compliant banking operations across its domestic branches in Egypt. Ethix was to sit alongside the main core banking solution at NBE, Flexcube. Egypt’s first Islamic and commercial bank, Faisal Islamic Bank, also selected the Ethix platform in the first half of 2012 to replace its legacy in-house system. Ethix was selected versus Flexcube and T24 to cover all the main operations of the bank. However, the cut-over here was postponed from the original 2012 year-end to Q3 2013. Ismail Ali Ahmed, director of banking, marketing and global operations at ITS, attributed the delay to a prolonged contract signing process. Further good news came towards the end of the year as


ITS’s investment module of Ethix was to replace Path Solutions’ system at its parent, Kuwait Finance House in Bahrain. Kuwait Finance House was a long-standing user of Ethix at its HQ in Kuwait and across the regional subsidiaries in Bahrain and Saudi Arabia and further afield in Malaysia. The investment module of iMal continued to run in Kuwait and Malaysia. Oman also continued to produce Islamic core banking


software deals during 2012 following the decree by the country’s authorities that its banks had to separate their Islamic operations from conventional ones. As a result, ITS picked up National Bank of Oman. Around the same time, ITS also gained a first core banking deal in Zimbabwe. This came at People’s Own Savings Bank (POSB) to support conventional banking operations across its 38 domestic branches and was to replace Equinox. In Q1 2013, ITS gained a client in Saudi Arabia for Ethix Investment Solution, the vendor’s newly launched investment banking and asset/fund management software offering. The taker was Alawwal Capital (also known as Alawwal Financial Services), which specialises in Islamic and conventional corporate finance, asset management and advisory, and has equity and murabaha funds under management. The company opened for business in 2008, with its operations supported by the OmniEnterprise system from India-based Infrasoft Technologies.The decision was influenced by the continuing roll-out of the investment functionality by Kuwait Finance House, including in Saudi Arabia.


412


Ajman Bank, an Islamic bank in the UAE, signed for the


Profit Calculation and Distribution (PCD) module of Ethix in 2013. It was integrated with the bank’s T24 core offering to save manual processing effort, according to ITS. The latest version of the PCD module was developed specifically to run with any core system, allowing the supplier to sell it separately from the Ethix core and cover the ‘missing Islamic functionality’ of other systems, according to ITS’s Ali. Al Hilal Bank, another T24 user, also runs PCD. In April 2013, there was a change at the helm within


ITS, followed by the announcement of an overhaul of the company’s executive leadership and business plan. Taking over was John Loomis, replacing Khaled Faraj Al-Saeid, who had been running ITS for two decades. The resultant ‘Turnaround’ programme was described by Loomis as ‘a rejuvenated comprehensive business plan that will put the company back on track’. It was ‘set to reposition ITS as a profitable, cutting-edge IT and business solutions provider, producing and delivering to the highest standards of quality to meet customer demand. Our business requires that we develop a more agile structure, focusing on quality and cutting edge technology products that satisfy all our stakeholders, from customers to shareholders and employees.’ With 20 years of experience in the industry, Loomis had been general manager and head of IT at Arab National Bank in Kuwait and also MD and head of operations, administration and IT at Gulf International Bank in Bahrain. However, Loomis left ITS in early 2014, less than a year into the job. ITS’s parent, KFH, promptly appointed a new interim CEO from one of the subsidiaries of the KFH group, but no official announcement was made to that effect.


In 2015, Nasr Albikawi was appointed as the new CEO


of ITS. At the same time, Kuwait Finance House refuted rumours of a possible sale of ITS and instead confirmed plans of implementing a strategy of global expansion. A dedicated channels department was set up to deal with the partnership side, as there are far-reaching plans to create a worldwide network of resellers, distributors, integrators, turnkey service providers, support and other value-added service providers. ITS which had experienced some issues in the last year or two, also had a couple of wins in Libya for its Ethix core system, plus individual wins in Bahrain, Egypt and Ghana. No new sales were reported in 2016. In 2017, ITS had a mixed year with a few wins, upgrades and a reversal. Morocco saw ITS add a couple of new names such as Al Akhdar Bank (JV of Credit Agricole and Islamic Corporation for the development of the private sector) and Dar Al-Amane which is a participative window of Societe Generale Maroc. These wins were a result of the Morocco’s financial services regulators introducing a framework for islamic finance in the country. There was also a win in the Middle East from the Commercial Bank of Dubai who upgraded from Phoenix core banking to Ethix Core Banking solution. On the other hand, there was a reversal for ITS when UAE-based Arab bank for investment and foreign trade (Al Masraf) replaced its Ethix core banking system with Temenos T24. in March 2018, Kuwait Finance House went live with ETHIX-Net, internet banking application


Back Office Systems & Suppliers (BOSS) | www.ibsintelligence.com


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