g


Bank is a commercial bank which was founded in 1992, and has ten branches. It previously had no core banking system. ‘Everything was done manually, and we wanted to develop our bank.’ The set-up was to be centralised in Jordan, and would take about two months to complete.


ICS then added another Turkish bank moving into Iraq, one of only


three new signings on offer in this country in 2011. This was Al Baraka Turk Participation Bank (ABTPB), part of Al Baraka Banking Group. Established in 1984 to offer Islamic banking in Turkey, it had grown to over 100 domestic branches. The branch in Iraq, in the northern city of Erbil, was ABTPB’s first international outlet. The bank was looking for a system that was established in the country; its use by other Turkish banks here was also influential. Islamic modules taken were for Mudarabah, Ijara, time deposits and profit distribution. Iraq has proved a valuable hunting ground for ICS in recent years, with another recent win coming at United Bank of Iraq for Investment. However, it does not have everything its own way here, losing out to BML at Bank of Erbil in 2010 as well as at Mosul Bank and Minare Bank a year or two earlier.


Other 2010 wins for the vendor outside Iraq included the signing of Bank of Baghdad in Lebanon, and another Islamic banking win at Yemen Kuwait Bank for Trade and Investment subsidiary, Islamic Yemen Kuwait Bank. A leasing firm in Libya was also claimed by the vendor in 2010. In 2011, ICS again gained five wins overall, four of which were in the Middle East and two of which were Islamic. ICS gained two of the three deals on offer in its home market of Jordan, picking up Military Credit Fund and Jordanian Kuwaiti Financial Leasing (JKFL), the former an Islamic banking win. Other 2011 wins came from Jammal Trust Bank in Lebanon and the aforementioned Islamic banking signing at ABTPB. There were some rich pickings for ICS in the next few years from


Recent Activity


ICSFS was successful in gaining new deals for the year 2015 for both its conventional Banks system and Islamic Banks system. The


within the Kuwait Investment Projects Company (KIPCO) stable and there was another notable addition unveiled in early 2012 with the signing of Burgan Bank Group. Owned by KIPCO, the Kuwait-based outfit took a decision at a group-level to select Banks for all members of the Burgan Bank Group. These include Jordan Kuwait Bank, Tunis International Bank, Bank of Baghdad, Gulf Bank Algeria and Syria Gulf Bank, with the latter three already using Banks following previous independent selections. A formal RFP was not issued as Burgan evaluated the systems in use within the group. Later in 2012, ICSFS also picked up wins at National Bank of Yemen,


PalLease, a leasing company in Palestine, Dar Es Salaam Investment Bank in Iraq and Middle East Investment Bank in Malaysia. The latter was ICSFS’s first win anywhere east of UAE. 2013 brought the company five new wins for Banks, of which two were in Palestine and one in each of Jordan, Sudan and Iraq. The Palestine success maintained ICSFS’s virtual monopoly in that country. One of these two banks was Bank Al Etihad, and the other was off-the-record. The latest customer in Iraq was Trans Iraq Bank, which signed for Banks in December 2013, and the new Jordanian customer was Al-Motrabetah Investment Company. The supplier’s only Islamic customer of the year came in the form of Omdurman National Bank, in Sudan. One bank that during 2013 rejected using ICS Banks for Shari’ah banking was Sterling Bank in Nigeria. An existing user of the ICS system, it considered extending its use when it decided to make the move into Islamic banking but opted instead for Path Solutions’ iMal. In 2014, the stardisation across the Burgan Bank group continued, with the ICS Banks roll-out finalised in early Q2 at Jordan Kuwait Bank. Meanwhile, around the same time, another Jordanian bank, The Housing Bank for Trade and Finance (HBTF), completed its transition from ICS Banks to Infosys’ Finacle.


Banks Islamic system deal was with Iraq based Bank Al-Janoub. Bank Al-Janoub deal as mentioned focused on providing Islamic banking services, underpinned by the Shari’ah compliant version of ICS Banks. The contract to implement the new system was signed in December 2015. Another gain was again an Iraq-based


Islamic Report www.ibsintelligence.com 115


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