July 22, 2024

ICSFS Boosts its partnership with Al Rajhi Bank – Jordan

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Al-Rajhi Bank – Jordan, a key foreign branch of the world’s largest Islamic bank, has successfully gone live on ICS BANKS® Universal Islamic and Digital Banking Solutions from ICS Financial Systems Ltd. Image courtesy: Al-Rajhi Bank
Al-Rajhi Bank – Jordan, a key foreign branch of the world’s largest Islamic bank, has successfully gone live on ICS BANKS® Universal Islamic and Digital Banking Solutions from ICS Financial Systems Ltd. Image courtesy: Al-Rajhi Bank

Al-Rajhi Bank – Jordan, a key foreign branch of the world’s largest Islamic bank, has successfully gone live on ICS BANKS® Universal Islamic and Digital Banking Solutions from ICS Financial Systems Ltd. – ICSFS, a global software services provider for banks and financial institutions.

Industry sources added that the clients of Al Rajhi Bank – Jordan will notice a positive impact on their digital banking experience with ICSFS’ multiple-award-winning and future-proof Banking System, including a significant shift in Al Rajhi Bank’s Shari’a-compliant financial products and services such as Ijara, Murabaha, in addition to Joint Investment accounts, Time Deposits, Istisna’a and Parallel Istisn’a, Islamic Treasury system, and Islamic-Investment Certificate of deposit, adding more value to Al Rajhi’s offering and enhancing financial inclusion.

Industry sources also further added that the implementation scope which covered the bank’s head office, 10 branches, and network of 47 ATMs; included completely scrubbing Al Rajhi Bank’s legacy system and successfully migrating to ICS BANKS® Full-fledged Universal Islamic Banking Solution as well as ICS BANKS® Holistic Digital Banking solutions, enabling Al Rajhi to deliver a much broader scope of services and products to their customers and furbishing them with direct access to their banking services anytime, anywhere through ICS BANKS® numerous and secure digital touchpoints.

From L To R: - Mr. Eyad Jarrar, CEO of Al Rajhi Bank – Jordan & Mr. Mohannad Mousa, Head of IT at Al Rajhi Bank – Jordan
From L To R: – Mr. Eyad Jarrar, CEO of Al Rajhi Bank – Jordan & Mr. Mohannad Mousa, Head of IT at Al Rajhi Bank – Jordan

Mr. Eyad Jarrar, CEO of Al Rajhi Bank – Jordan, stated We are thrilled to navigate the financial services market with our new fully digital Shari’a-compliant Islamic Banking and Digital Banking Solutions. The new mobile app stands out for its significant benefits to our clients. It offers a more streamlined and user-friendly customer experience, making banking easier and more efficient. With the enhanced mobile app, our customers can access a wide range of diversified products and services effortlessly. This advancement opens up a world of possibilities for us to better serve our customers and meet their evolving needs. In today’s world, banking technology is a fundamental necessity, making the selection of the right solution a crucial decision. Our choice was made easier by the outstanding banking solution we have implemented. Lastly, on behalf of Al Rajhi Bank – Jordan, I would like to express my deep gratitude for the high professionalism, proficiency, and relentless support we received from ICSFS while navigating this delicate endeavour.”

Mr. Mohannad Mousa, Head of IT at Al Rajhi Bank – Jordan, also stated: The exceptional efforts by the Al Rajhi Bank team and ICSFS have led to a smooth transition from our old core banking system to the new one. This seamless changeover has significantly streamlined our operations, enhanced efficiency and improving service delivery. The new system is designed to support a wide range of digital banking services, providing our clients with a more user-friendly and efficient banking experience.”

He further added “Our fully digital Shari’a-compliant Islamic Banking and Digital Banking Solutions, including the new mobile app, stand out for their significant benefits. The dedication, teamwork, and resilience demonstrated by Al Rajhi Bank and ICSFS team throughout this transformative phase have been instrumental in our success. Their unwavering commitment to excellence has truly elevated our collective achievements, ensuring that we continue to meet and exceed our customers’ evolving needs. Thank you to the entire team for exemplifying the true spirit of partnership and for your relentless pursuit of excellence.”

From L To R: -  Robert Hazboun, Global CEO of ICSFS & Wael Malkawi Executive Director at ICS Financial Systems Ltd. (ICSFS)
From L To R: – Robert Hazboun, Global CEO of ICSFS & Wael Malkawi Executive Director at ICS Financial Systems Ltd. (ICSFS)

From His Side, Robert Hazboun, Global CEO of ICSFS, commented: “Our partnership with the largest Islamic bank in the world comes as a testament to the quality solutions we develop at ICSFS. The seamless Big Bang Go-Live of ICS BANKS® solutions at Al Rajhi Bank – Jordan, is an important milestone for the bank and ICSFS as well, as it reasserts the Bank’s position in the local and global markets while demonstrating our commitment to deliver innovative, expandable, stable, and cost-effective banking solutions to our clients from around the world. We take our role in contributing to the growth and prosperity of the Banking and Finance sector very seriously, and we follow rigorous quality standards to ensure the satisfaction of our clients and their customers. We look forward to the rest of our journey with Al Rajhi Bank – Jordan and offer them our full support on their journey to consistently deliver excellent services. “

Wael Malkawi, Executive Director of ICSFS, commented: “As we celebrate a new and important milestone on our journey of innovation and growth with Al Rajhi Bank, ICSFS reiterates its commitment to contributing to the growth of its clients and its dedication to empowering them with best-of-breed technologies that will elevate their offerings and give them a sure-footed traction in their respective markets.”

Al Rajhi Bank – Jordan will benefit from a future-proof and turbo-charged digital banking system with a multitude of solutions including ICS BANKS® Business Process Management (BPM), ICS BANKS® Credit Facilities and Risk Group, ICS BANKS® Internet & Smart Mobile for retail and corporate, SMS Banking, ICS BANKS® Digital Global Transaction Banking solution, ICS BANKS® Treasury, Trade Finance, Remittances, ERP, and DMS, in addition to a bundle of banking productivity tools that comes built-in with ICS BANKS® system including ICS BANKS® advanced reporting, notifications, Nostro Reconciliation, 360° Customer Exposure, e-KYC, and Loan Origination modules. These solutions not only streamline operations but also position Al Rajhi Bank – Jordan as a forward-thinking institution ready to embrace future advancements in banking technology.

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