Al Hilal Bank has announced that it has successfully deployed the ETHIX-Profit Computation and Distribution (PCD) Islamic banking system from International Turnkey Systems (ITS Group), a leading integrated IT solutions and software services provider that specializes in Islamic banking systems. 

The Sharia-compliant ETHIX-PCD forms part of ITS Group’s comprehensive ETHIX technology suite of pre-defined solutions for Islamic finance and investment. “The Al Hilal Bank implementation was completed in record time via ITS’ expertise as a key technology enabler and business partner for Islamic financial institutions worldwide,” said a press release.

Al Hilal Bank partnered with ITS with the objective of obtaining a comprehensive solution for automating the bank’s profit and asset management operations, reducing risk, and eliminating the unnecessary costs, time and effort associated with manual intervention, the release continued.

“Our Strategic partnership with ITS enables us to deliver a comprehensive solution that satisfies the Islamic banking needs of our customers. Since our inception we have maintained a strong focus on innovation and operational excellence. The ETHIX system we have deployed reflects these commitments as it facilitates real time calculation and distribution of profit and losses across all transactions in a highly efficient and accurate manner,” said Mohamed Jamil Berro, CEO, Al Hilal Bank.

“Time and again, ITS proves its importance in the Islamic banking sector, winning the confidence of the most important financial institutions in the Middle East and Gulf region. It gives me great pride that our solutions and services are a key part of the growth strategy of leading Islamic banks operating in the region,” added Haitham Abdou, Group Director – Global Financial Solutions.

*This article was published by CPI Financial. Read the original article here.