sakana implements flexcube it system to enhance customer service
Fifth Islamic financial institution in the Middle East to use FLEXCUBE
i-flex® solutions (Reuters: IFLX.BO & IFLX.NS), a leading provider of technology solutions to the global banking and financial services industry, announced today that Sakana Holistic Housing Solutions BSC ©, an Islamic financial institution based in Bahrain, has completed implementation of FLEXCUBE® for its mortgage financing operations. Sakana is the fifth financial institution in the Middle East to use the universal IT banking solution for Islamic financing.
FLEXCUBE for Islamic Banking provides a back-office processing environment for Islamic financial products. It supports all transaction and investment processes including calculations and payments, deployment and tracking of funds, and asset valuations. Ultimately, the customer benefits as it helps financial institutions to cut processing costs, respond faster to market needs, improve service levels and considerably reduce risk.
Sakana selected FLEXCUBE because of its comprehensive functionality and contemporary technology offering flexibility and ability to scale for Islamic financing operations as Sakana continues its rapid growth. FLEXCUBE can support complete lifecycle processing of a wide range of transactions and is compliant with Islamic financing principles.
Mr Joseph John, Executive Vice-President, Universal Banking Products, i-flex solution, said: “i-flex views the lending opportunity, in particular the Islamic mortgage finance market, with great seriousness. As an emerging and rapidly expanding company, Sakana is a prestigious win for us in the region. We are confident that the recently completed FLEXCUBE implementation will provide Sakana with the edge to maintain its existing market lead by staying ahead of the competition.”
Formed as a partnership between BBK and Shamil Bank, two of Bahrain’s leading financial institutions, Sakana provides solutions to the real estate and housing sectors in Bahrain by offering mortgage finance, property development, brokerage and management, as well as project financing.
Sakana Holistic Housing Solutions, Chief Executive Officer, Mr R. Lakshmanan, said: “Our core issues are those of servicing the expectations of our customers, cutting operational costs and out-pacing the competition in the marketplace. These challenges have been intensified by the welcome liberalization of Bahrain’s real estate market and a significant investment in infrastructure, both of which have made the Kingdom an attractive choice for both local and overseas property investors. We are confident that, with the implementation of FLEXCUBE and the support of i-flex, we will be able to meet these challenges, and provide a service that meets any international benchmark.”
