institution, Mansour Bank for Investment which selected ICS Banks core banking system. The deal was approved by Mansour Bank’s majority shareholder, Qatar National Bank. QNB has a 51% stake in Mansour Bank. ICS Banks will replace Misys’ Equation core banking system, which the bank had been using since 2009. Sudanese bank Omdurman National Bank (ONB) went live with ICS Banks. ICS Banks will underpin ONB’s Shari’ah- compliant corporate and retail banking operations.The contract signing between ICSFS and ONB dates back to June 2013, so it has taken some time to get the system up and running. After two years of implementation, ICSFS hopes that ICS Banks will improve performance and lower operating costs at ONB, says Robert Hazboun, managing director at the vendor. 2016 saw ICSFS continue with the momentum notching up deal


in Kuwait and Iraq. In July 2016, one of the largest banks in Kuwait – Burgan Bank, went live on ICSFS’s ICS Banks core banking system. In December 2016, Noor Al-Iraq Islamic Bank went live on ICS Banks Islamic from ICS Financial Systems. The system was implemented at its headquarters and across all its branches over a two-month period. The year 2017 has seen ICSFS strike a number of deals and have successful roll outs across geographies. In February and March 2017, ICS Financial Systems (ICSFS) further strengthened its position in Iraq by announcing deals with two greenfield banks, Al-Arabiya Islamic Bank (AAIB) and International Islamic Bank


Functionality of ICS Banks


Core Application Module, Conventional and Islamic banking across retail, Credit Facility, Discounted Bills Module, Loans System, Transfers Module, Trade Finance Module, Dealing Room Module (including foreign exchange, money market, and margin trading sytems), Investment Module, Asset Management, Treasury & Investment Interfaces, Online Internet Trading Platform (E-Trading), Financing Lease System, Classification & Provisioning System, Operating Lease System, Project Finance System, Advance Salary Service, Retail Purchase Module, Litigation Cases Module, ERP System, BANKS® MIS IR (Intelligent Reporting) , BANKS BI & Data Warehousing, BANKS® BPM , DMS (Document management system), BANKS® Nostro Reconciliation System, E-Channels modules, including ICSFS BANKS® Smart Mobile Banking Retail Products – Basic and Cash management, Internet Corporates Cash Management, and SMS Banking


Number of known Islamic sales for ICS Banks : 17 Total number of known sales for ICS Banks : 28


Islamic banking functionality supported


Murabaha; Tawaruq; Ijara; Istisna; all types of Islamic investment (accounts, savings, call and time deposit); profit sharing; Musharakah; Mudarabah.


116 Islamic Report www.ibsintelligence.com


(IIB) respectively. Both opted for the Islamic version of the core banking software, ICS Banks. Both banks decided to implement a host of other modules. This strengthened ICSFS’ presence in Iraq by making the banks their 19th and 20th clients in the region, respectively. Another significant win in May 2017 in this region was when the National Bank of Yemen selected ICS Banks system. One of the biggest wins for ICSFS was Oromia International Bank in June 2017. With over 220 branches around Ethiopia, Oromia is one of the largest clients for ICSFS. Another win from the same continent came from Nigeria based Providus Bank which implemented ICS Banks. The solution was rolled out with a big bang approach in a record time and it was implemented across all branches in one go. A landmark win for the supplier came at Panin Dubai Syariah Bank, a long-standing major Indonesian bank. This is the first reference for the supplier in the country. The bank selected ICS Banks Islamic to replace its existing legacy system with an international competitive bid where leading Islamic banking software solutions providers participated. A cutover for the supplier came at AL-Thiqa Islamic Bank which went live on ICS Banks Islamic in December, with the supplier claiming to have completed the project in two months. A major development for ICS FS was the announcement that its ICS Banks Universal Banking Application’s availability in the Oracle Cloud Marketplace.


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96  |  Page 97  |  Page 98  |  Page 99  |  Page 100  |  Page 101  |  Page 102  |  Page 103  |  Page 104  |  Page 105  |  Page 106  |  Page 107  |  Page 108  |  Page 109  |  Page 110  |  Page 111  |  Page 112  |  Page 113  |  Page 114  |  Page 115  |  Page 116  |  Page 117  |  Page 118  |  Page 119  |  Page 120  |  Page 121  |  Page 122  |  Page 123  |  Page 124  |  Page 125  |  Page 126  |  Page 127  |  Page 128  |  Page 129  |  Page 130  |  Page 131  |  Page 132  |  Page 133  |  Page 134  |  Page 135  |  Page 136  |  Page 137  |  Page 138  |  Page 139  |  Page 140  |  Page 141  |  Page 142  |  Page 143  |  Page 144  |  Page 145  |  Page 146  |  Page 147  |  Page 148  |  Page 149  |  Page 150  |  Page 151  |  Page 152  |  Page 153  |  Page 154  |  Page 155  |  Page 156  |  Page 157  |  Page 158  |  Page 159  |  Page 160  |  Page 161  |  Page 162  |  Page 163  |  Page 164  |  Page 165  |  Page 166  |  Page 167  |  Page 168  |  Page 169  |  Page 170  |  Page 171  |  Page 172  |  Page 173  |  Page 174  |  Page 175  |  Page 176  |  Page 177  |  Page 178  |  Page 179  |  Page 180  |  Page 181  |  Page 182  |  Page 183  |  Page 184  |  Page 185  |  Page 186  |  Page 187  |  Page 188  |  Page 189  |  Page 190  |  Page 191  |  Page 192  |  Page 193  |  Page 194  |  Page 195  |  Page 196  |  Page 197  |  Page 198  |  Page 199  |  Page 200  |  Page 201  |  Page 202  |  Page 203  |  Page 204  |  Page 205  |  Page 206  |  Page 207  |  Page 208  |  Page 209  |  Page 210  |  Page 211  |  Page 212  |  Page 213  |  Page 214  |  Page 215  |  Page 216  |  Page 217  |  Page 218  |  Page 219  |  Page 220  |  Page 221  |  Page 222  |  Page 223  |  Page 224  |  Page 225  |  Page 226  |  Page 227  |  Page 228  |  Page 229  |  Page 230  |  Page 231  |  Page 232  |  Page 233  |  Page 234  |  Page 235  |  Page 236  |  Page 237  |  Page 238  |  Page 239  |  Page 240  |  Page 241  |  Page 242  |  Page 243  |  Page 244  |  Page 245  |  Page 246  |  Page 247  |  Page 248  |  Page 249  |  Page 250  |  Page 251  |  Page 252  |  Page 253  |  Page 254  |  Page 255  |  Page 256  |  Page 257  |  Page 258  |  Page 259  |  Page 260  |  Page 261  |  Page 262  |  Page 263  |  Page 264  |  Page 265  |  Page 266