More customer wins


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 2012 as ITS’s investment module of Ethix was to replace Path Solutions’ iMAL 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.


Ajman Bank, an Islamic bank in the UAE, signed for the 248


profit calculation and distribution (PCD) module of Ethix in 2013. It was integrated with the bank’s Temenos 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. Zenith Bank in Ghana, a subsidiary of the ITS customer in Nigeria, started a core banking upgrade project to Ethix from the older Phoenix platform in 2013. ‘Phoenix did not have multi-currency functionality, so we had to design third party applications to handle foreign currency transactions’, explained Ephraim Enumegukae, head of IT at Zenith Bank in Ghana. ITS assured Zenith Bank that Ethix would solve this problem. ‘We are exploring it to see how we can use it to replace our third party application,’ Enumegukae said. Other than foreign currency transactions, Zenith was to use Ethix to handle ‘all our usual products’, which include savings and current accounts and fixed deposits. ‘From March next year we should be using the platform. Because ITS was recommended to us by our parent bank in Nigeria, we are comfortable dealing with them and we hope to get most of our challenges addressed in the new system,’ Enumegukae said. Other than foreign currency transactions, Zenith was to use Ethix to handle ‘all our usual products’, which included savings and current accounts and fixed deposits. The bank was due to go live in March 2014, becoming the first Ethix user in Ghana. Another bank which upgraded from Phoenix to Ethix was Barwa Bank in Qatar, with this being announced in June 2014. International Turnkey Systems (ITS), looked to implement


a strategy of global expansion, to be realised in 2017. There was a revamp at the ITS helm over 2016, with a completely new board and a new group CEO, Nasr Albikawi. ITS’s focus remained on two main areas – software development and services – and the company hoped to build a partner ecosystem around these.


Universal Banking Systems Market Report | www.ibsintelligence.com


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