Panin Dubai Syariah selects ICS Banks core banking platform
First core banking tech deal for ICSFS in Indonesia
Panin Dubai Syariah, an Islamic bank in Indonesia, has selected ICS Banks core banking platform from ICS Financial Systems (ICSFS) to replace its legacy tech.
A bid was opened to Islamic banking software providers, and ICSFS says it was awarded the deal due to its “comprehensive”, integrated suite of Islamic banking applications in addition to its technology services.
ICS Banks will support all main Shari’ah-compliant operations at Panin Dubai Syariah, front-to-back office. This is the first known core banking tech deal for ICSFS in Indonesia, Banking Technology understands.
Panin Dubai Syariah is a result of an acquisition of 40% of shares in Bank Panin Syariah by Dubai Islamic Bank (DIB) and a subsequent rebrand.
Elsewhere, ICS Banks users include Providus Bank and SunTrust Bank in Nigeria, People’s Bank of Zanzibar in Tanzania, and Guaranty Trust Bank across multiple African countries and the UK.
