Emirates Islamic Bank (EI) has selected the Finacle Islamic Banking solution of Infosys to power the bank’s operations.
With the new technology in place, EI can leverage a platform that will enable it to serve its customers with better efficiency, manage its operations well, and meet the required reporting and compliance obligations.
The Finacle Islamic Banking Solution is claimed to be a cost-effective, customer-centric and Sharia-compliant banking platform.
With the new Finacle solution, the bank will be able to create a range of products and services easily that will be compliant with the stringent Sharia business rules and accounting rules.
The technology, which ensures transparency of accounting and profit-sharing, is based on a service-oriented architecture (SOA) platform with straight through processing (STP) capabilities and will enable better operational efficiency for the bank.
Infosys Finacle senior vice president and global head Michael Reh said: "Islamic banks have shown strong growth over the last few years, with significant global potential for further expansion. To effectively leverage this opportunity, they need a robust and flexible technology backbone which can empower them to innovate faster and deliver personalized banking experiences.
"Finacle is well placed to help fulfil these aspirations with its proven Islamic Banking solution based on an industry leading technology platform."