Finastra core system fuels Al Taif Islamic Bank
Al Taif Islamic Bank in Iraq has chosen Fusion Islamic, Finastra’s core banking solution for this market, to “kick start its retail business”.
“Our vision is to challenge the status quo of the financial services sector”
The bank is described as a “challenger” but was started 15 years ago as Al Taif Company for Money Transfer and is part of Al Taif Group.
Finastra’s solution is of course delivered with pre-configured Shari’ah compliant products.
Reda Hamza, CEO at Al Taif Islamic Bank, says: “Our vision is to challenge the status quo of the financial services sector in Iraq and there is a strong opportunity to offer new services to the unbanked population here. In addition to our branch presence, going digital is the best way for us to reach this market.”
The bank will also get access to FusionFabric.cloud, offering the chance to develop new features and capabilities in the cloud either internally or in conjunction with external parties such as fintechs and developers.
Wissam Khoury, MD Middle East and Africa at Finastra, adds: “Al Taif Islamic Bank is the first Iraqi private bank we have worked with, and is a great example of a forward-thinking organisation ready to embrace digital.”
Khoury explains that whilst this deal is initially aimed at the bank’s retail customers, it has also signed a partnership with the Al Taif Group’s IT arm (Al Taif Technical Services) to “build skills and capabilities to help transfer knowledge in the growing Iraqi fintech sector, enabling us to develop our presence in the region and encourage collaboration”.
The bank’s website is currently under development.
