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Al-Arabiya Islamic Bank Selects ICS BANKS® ISLAMIC System

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ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, announced that Al-Arabiya Islamic Bank, a newly established Bank located in Iraq, selected the multi-awards winning system ICS BANKS® ISLAMIC System.

The signing ceremony took place in Amman Jordan Attending the ceremony were the General Manager of Al-Arabiya Islamic Bank; Mr. Duraid Yaseen Hamdan and the Executive Director for Business Development of ICSFS; Mr. Wael Malkawi.

Following the signing ceremony, the General Manager of Al-Arabiya Islamic Bank Mr. Duraid Yaseen Hamdan stated:

“We chose ICS BANKS ISLAMIC System for its successful and dynamic accomplishments around the world, especially in the Iraqi market. We understand that the challenges we are facing today are quite difficult considering the growth of the Islamic banking in the region.” Yaseen added; “We are looking forward to this significant partnership where ICSFS will support us in achieving our desired growth targets, on all aspects and levels.”

Al-Arabyia Islamic Bank (AIB) will enjoy many offerings and advantages, by implementing ICS BANKS ISLAMIC Core Banking and Credit Facilities & Risk Groups (Murabaha, Musharaka, Ijara, Mudaraba, Qard Hasan), Trade Finance, Remittances, Investment Accounts & Profit Distribution, Time Deposit, and from ICS BANKS DS (Delivery Channels); ICS BANKS IBS (Internet Banking System) and Credit Cards and ATMS Management System.

On this occasion, the Executive Director of Business Development at ICSFS; Mr. Wael Malkawi commented: “We are very optimistic towards this partnership where Al-Arabyia Islamic Bank joins our flourishing community in Iraq. At ICSFS, we provide innovative products by using the latest technologies to cover all financial services’ sectors from Universal, Islamic, Corporate, Investment and Retail banking solutions to Commercial, Finance Lease and Microfinance banking solutions and activities.” Malkawi added; “The project is planned to go live in a record time of two months, where Al-Arabiya Islamic Bank will be deploying the latest version of ICS BANKS ISLAMIC and enjoy its new look and feel unlimited benefits and our system’s unlimited offerings and advantages.”

ICS Banks Islamic provides a complete suite of banking business modules with a rich sweep of functionality and features, addressing business needs and automating accounting processes, as needed, to improve a bank’s business performance. ICS BANKS ISLAMIC has always been a pioneer in utilizing the latest technology to serve financial institutions. In addition to its embedded Service-Oriented-Architecture (SOA), the system is deployed in a multi-tiered setup that runs on a web thin client.


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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