Fatma Al-Mansour, CEO of Reem Finance, and Khalid Al-Saeid, Managing Director and General Manager of ITS, during the signing
Reem Finance today announced the final deployment of its strategic Islamic banking solution, ETHIX financial solution. The web-service-based solution offers Islamic finance institutions a range of pre-defined business models including Islamic finance, Islamic investment as well as trading and delivery channels. Reem Finance signed a partnership agreement with International Turnkey Systems Group (ITS), the owner of the ETHIX financial solution. This agreement paved the way for the rapid deployment of the ETHIX solution at Reem Finance's headquarters in Abu Dhabi.
“This partnership with ITS is in line with our expansion strategy across the UAE. Presently, we are operating out of one branch in Abu Dhabi but plan to expand our branch network to multiple locations across the country by the end of 2011,” said Fatma Al-Mansour, CEO of Reem Finance. “We chose to partner with ITS for their extensive experience in Islamic banking technology and the unmatched power of the ETHIX financial solution.”
After an extensive evaluation process Reem Finance selected ITS to implement the ETHIX financial solution as the most suitable vendor to achieve the company’s strategic technology and business goals. ITS rapidly customized, developed and deployed the ETHIX financial solution in record time to enable Reem Finance to proceed with its 2011 expansion plan.
“The ETHIX financial solution, the next generation solution for Islamic banking has allowed Reem Finance to reduce its total cost of ownership, operational costs and risks to meet growing customer demand for Islamic banking products and services,” said Khalid Al-Saeid, Managing Director and General Manager of ITS. “The fully integrated solution is Shariah compliant and has strong product definition features. We look forward to building a strong relationship with Reem Finance and assist in contributing to the company’s goal of being one of the most technologically advanced Islamic financial institutions in the region.”
Reem Finance plans to use ETHIX to offer customers products which are related to retail and SME/Corporate Banking business including Goods Murabaha Finance, Vehicle Murabaha Finance, Ijara, Trade Finance, Share Finance and Tawarruq. Future plans include liability products such as Mudaraba and Wakala. In addition, ETHIX can also offer a range of flexible features such as instrument definition engine, Islamic product definition engine and workflow and accounting solutions.
Reem Finance selected ITS from a short list of the top three vendors in Islamic banking solutions.
With many years of investment and experience in the Islamic banking technology sector, ITS are well positioned to provide financial institutions with a range of successful solutions. ITS solutions are AAOIFI Certified, provide fully integrated systems and offer Shariah compliant products. To date ITS have a client base of more than 70 banks across the world.