The Kuwait-based Rekaz Systems, provider of Oracle software solutions to the Islamic finance industry, has signed an agreement with Shariah-compliant financing institution Ta'jeer, a member of the Saudi-based Dallah Al-Baraka Group, to implement an Internet-based Rekaz Islamic Suite solution and Oracle Financials that will automate Ta'jeer's internal operations.
Under the terms of the agreement, driven largely by Ta'jeer's intention to build an internal Information Technology (IT) structure to support its expansion in the Kingdom, Rekaz Systems will provide Ta'jeer with an IT solution to meet the needs of both its back office (accounting and financials) and its front office (leasing, installment, and workflow).
Taajeer Company is an Islamic Financing company based in Jeddah, Saudi Arabia. It specializes in financing consumer goods through installments. Taajeer started its operation in September 1998. All of Taajeer's Credit Policy and procedures are governed by Islamic Sharia. Taajeer's capital currently stands at 85 million Saudi riyals ($22.6 million), with Dallah investment and Development Company, a subsidiary of Dallah Al-Baraka, owning 24 percent of it.
Founded in November 1999, Rekaz Systems K.S.C.C. is the first Certified Solution Partner in the Oracle E-Business Track from the Middle East. It is a Kuwaiti shareholding closed company. — (menareport.com)
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