Al-Taif Islamic Bank has chosen Fusion Islamic, Finastra’s core banking solution dedicated to the Islamic market, to kick-start its retail business. The move will provide the new challenger bank’s customers with a consistent and user-friendly experience while complying with Shariah requirements.
Al-Taif Islamic Bank, which started 15 years ago as Al-Taif Company for Money Transfer and is part of Al-Taif Group, aims to establish itself as a leader in the financial market in Iraq. Finastra’s solution is delivered with pre-configured Shariah-compliant products, which will help the bank develop new services faster and roll them out through multiple channels at low cost. Fusion Islamic is also expected to alleviate pressure on IT teams while ensuring rapid time-to-market, minimizing risks and maximizing efficiency.
Reda Hamza, CEO at Al-Taif Islamic Bank, said: “Our vision is to challenge the status quo of the financial services sector in Iraq and there is a strong opportunity to offer new services to the unbanked population here. In addition to our branch presence, going digital is the best way for us to reach this market. Working with Finastra means that we have access to wide resources and products which will help us launch our branch quickly as we roll out the digital offering, and then accompany us on our exciting growth journey.”
