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ITS Successfully Launches State-of-the-Art Shariah Compliant Financial Solution for Barwa Bank in Qatar

ITS (International Turnkey Systems), a regional ICT provider that specializes in supplying Islamic Banking technology, today announced the completion of a state-of-the-art technology upgrade of Qatar based Barwa Banks systems, offering integrated Shariah compliant financial services.

Barwa Bank, Qatars fastest growing Shariah compliant banking service provider, identified it needed to adopt a Islamic finance technology solution that allowed it to continue providing its full suite of financial services including retail, corporate and commercial banking, real estate finance, investments and asset management.

The secure, flexible and reliable ETHIX suite of financial services, provided by ITS, now forms the core banking technology for Barwa Bank, boosting its operational and growth capabilities, enabling it to offer new customer centric solutions in the spirit of Shariah-compliance.

By investing in a new finance technology solution, Barwa Bank will significantly reduce its operational expenditure as ETHIX consolidates all of its services under one unified system. By having more control and streamlined processes across its entire business, the bank will be able to achieve greater efficiency, speed up product development and create a stronger and more valuable experience for its customers in the region.

Keith Bradley, Group Chief Operation Officer & GM International from Barwa Bank explained its rational for choosing to work with ITS on this project: Our ultimate aim of investing in this state-of-the-art technology was to ensure that we could improve the services that we offer our customers in Qatar, providing the most competitive Islamic financial products in the market. ETHIX was the perfect fit for our business, offering a unified and consolidated solution, which centralized all our programs into one easy to manage system. It is specifically designed to meet our requirements in several aspects, including managing processes of completion and executing transactions, the integration of various departments, divisions and units to ensure streamlined access to information and swift transactions.

ETHIX is a solution that has been attracting increased interest from financial institutions across the region due to its range of benefits and its impact upon businesses bottom line. In fact the financial solution is largely recognized as one of the most scalable financial technology solutions available worldwide.
ITS recently received industry acclaim for its ETHIX suite of services by winning both the Best Islamic Finance Technology conferred at the World Islamic Retail Banking Conference 2013 and Best Technology Vendor at the CPI Financial Islamic Business and Finance Awards 2013.

This announcement with ITS represents a milestone for Barwa Bank as we maximize our efforts to deploy the best Shariah compliant financial services for our customers. We look forward to witnessing how it will reduce our operational and maintenance expenditure and the time it will save our operations department. Continued Keith

Hany Ramadan, Director Global Financial Solutions (Part of ITS Group) noted: The completion of this project marks yet another successful deployment of ETHIX within a regional financial powerhouse such as Barwa Bank. It is encouraging to see many banks realizing the impact that ETHIX can have on their business. We have provided Barwa a flexible solution that empowers its financial processes, facilitating a greater control of its services and ultimately allowing for better customer services and experiences. We have a strong track record of working with leading financial institutions in Qatar and specifically integrating our award winning ETHIX platform with existing core banking software infrastructures.

The Shariah-compliant ETHIX solution is designed to support financial institutions to reach operational excellence, accommodate growth and achieve cost leadership in the financial services sector. ETHIX provides multi-channeled corporate and retail products and services in Islamic finance and investment including core banking, trade finance, branch automation, online banking, dashboards and reports in addition to other products and services that represent an answer to the challenges encountered by the financial institutions which can only serve to enhance their competitive edge.

Understanding better than any other Shariah-compliant features and specificities ITS created a full suite of ETHIX solutions including ETHIX-Core, ETHIX-Branch, ETHIX-Finance, ETHIX-Trade, ETHIX-360, ETHIX-Connect (IFX), ETHIX-Switch Connection, ETHIX-Treasury, ETHIX (SMS), ETHIX-PCD, ETHIX-Launch Pad.
For more information about ITS ETHIX solutions please visit: http://www.its.ws/global_financial_solutions.html

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