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Trustbank Selects ICS BANKS Islamic from ICSFS

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Trustbank, one of the leading banks and the first private bank to be providing Islamic banking services in Uzbekistan, has selected ICS BANKS Islamic Banking software solutions from ICS Financial Systems (ICSFS), the global software and services provider for banks and financial institutions.

A virtual signing ceremony was conducted on 17th March, 2021, between Trustbank and ICSFS with the participation of ICD (the Islamic Corporation for the Development of the Private Sector).

The ceremony was attended by; Deputy Chairman of Trustbank, Kamil Gabbazov, Head of Islamic Financing of Trustbank; Mukhammadfayoz Ibadov, Deputy Director of the International Relations Department of Trustbank; Aleksey Kim. Managing Director of ICSFS; Robert Hazboun, Executive Director of ICSFS; Wael Malkawi, CIS Territory Manager of ICSFS; Nidal Bashaireh, PMO Head of ICSFS; Mohammad Omari, Project Manager of ICD; Muzaffar Nizamidinov and Project Management Office Consultant – IT & Fintech Specialist of ICD; Ibrahim Al-Saywed.

Sardor Normukhamedov, Chairman of the Management Board of Trustbank; commented: “As one of the leading banks of the Republic of Uzbekistan, it is our privilege to be the first in adding Islamic Banking products to our services.

“We strive for becoming the best in providing high quality modern banking services as well Islamic banking services in the Uzbek’s banking sector, and with this new joint milestone with ICSFS and ICD – which is the very first of its kind, we are creating history!”

Kamil Gabbazov, Deputy Chairman of Trustbank, stated during the signing ceremony: “First, I would like to start by thanking the devoted teams for conducting this special event. We have started our cooperation with ICD back in 2018, and in this short period of time, we have received generous funds in amount of USD 19 million that were provided in a Shariah-compliant line of financing to further support the private sector in the country.

“We are very happy for choosing ICS BANKS Islamic from ICSFS as an Islamic Window IT solution provider and look forward to starting this collaboration.”

Robert Hazboun managing director of ICSFS stated: “It is our honour to be the first business technology company to enter the Islamic banking sector in Uzbekistan. With ICSFS’ strong track record in implementing its ICS BANKS Islamic software solutions, Trustbank will have a smooth launch of its new Islamic products, and will be offering holistic Islamic services to its customers.”

Muzaaffar Nizamidinov of ICD commented: “On behalf of ICD team, I would like to congratulate both; ICSFS and Trustbank for signing the first Islamic IT solution contract in Uzbekistan history.

“We trust that Trustbank will be a pioneer in launching the first Islamic banking window in the country, and hope that Trustbank will be converted into a full-fledged Islamic Bank in future. We wish you all the success in the implementation of the solution, in Sha’a Allah.”

Weal Malkawi; Executive Director of ICSFS commented: “We are very happy to be part of this breakthrough – to see Islamic Banking kick-off in Uzbekistan, and to see Trustbank as one of the leaders and pioneers in providing Islamic banking services.

“I would like to thank the bank and ICD, as without them we couldn’t have reached this historical milestone. We welcome Trustbank to our ICS BANKS community, and salute them for achieving this milestone, as it takes courage to be the first bank in Uzbekistan to lead in launching Islamic Banking Window.”

Trustbank is one of the leading banks of the Republic of Uzbekistan, which provides its clients with the full range of banking products and services. The history of the bank reflects the dynamics of intensive development of the country’s banking sector during the years of independence.

Trustbank will leverage ICS BANKS Islamic’s agile software solutions of which Islamic Core banking, Murabaha, Ijarah, Mudaraba, Musharaka, Salam, Qard Hassan, Islamic Treasury and Investment, Trade Finance, Credit Facilities & Risk Groups, Istina’a and Parallel Istisna’a, Profit Distribution, and Time Deposit.

ICSFS invests in its software suites by utilising modern technology in launching new products, constructing a secured and agile integration, and keeping pace with new standards and regulations worldwide.

ICS BANKS software suite future-proof banking activities by providing a broad range of features and capabilities with more agility and flexibility, to enrich customers’ journey experience, hence improving the trust and confidentiality between the customer and the bank. ICS BANKS has always been a pioneer in utilising the latest technology to serve financial institutions. In addition to its embedded Service-Oriented-Architecture (SOA), the system can be deployed on-premises or on the cloud.


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E-Financial

FG Takes Full Ownership of Keystone Bank

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Federal government has taken full ownership of Keystone Bank, according to a statement by the bank posted on its X handle on Tuesday evening.

FG Takes Full Ownership of Keystone Bank

It read, “Keystone Bank Limited wishes to clarify media report of a judgement by the Lagos State Special Offences Court, sitting in Ikeja, Lagos, on Tuesday, February 11, 2025, regarding the status of the former shareholders of the bank: Sigma Golf Nigeria Limited and Alhaji Umaru H. Modibbo.

“Recall that on January 10, 2024, the Central Bank of Nigeria (CBN) announced the dissolution of the previous Board and Management of the Bank for corporate governance breaches. The CBN followed this action with the appointment of a new Board and Management for the Bank.

“Subsequently the Federal Government through the EFCC filed a court action at the Lagos State High Court, Ikeja, against the former owners challenging the acquisition of the bank. At the sitting of the court today, February 11, 2025, the court ordered the forfeiture of the shares of the Bank previously held by the shareholders in favour of the Federal Government of Nigeria. The implication of this judgment is that Keystone Bank Limited is now fully owned by the Federal Government f Nigeria.”

Keystone Bank is entering a new era of stability and growth. Our foundation is solid, our future is bright, and our commitment to you remains stronger than ever. We move forward—together. #KeystoneBank #WeGrowTogether pic.twitter.com/aHV9XVd4T6

Describing the development as a “significant milestone in our journey,” the bank said the move is “paving the way for a seamless recapitalization process”.

“With this clarity, we are well-positioned for sustained growth, stronger partnerships, and enhanced profitability. Keystone Bank continues to strengthen its balance sheet while delivering exceptional value to its teeming stakeholders,” the statement read.

“The bank maintains a strong financial position, consistently fulfilling all its obligations and adhering to all regulatory requirements. We assure our customers that the bank remains safe, healthy, strong, and resilient.”

 

 

 


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CBN Rolls out New ATM Transaction Fees Effective March 1

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The Central Bank of Nigeria (CBN) has revealed new transaction fees for Automated Teller Machines (ATMs), set to take effect on March 1, 2025.

A circular, signed by John Onojah, the acting director of the financial policy and regulation department, explained that the revised charges aim to address increasing operational costs and enhance the efficiency of banking services.

This review marks the first change in ATM transaction fees since 2019 when the CBN reduced the withdrawal fee from N65 to N35.

According to the CBN, the updated fees are in line with Section 10.7 of the ‘CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (2020).’

The statement reads, “In response to rising costs and the need to improve the efficiency of Automated Teller Machine (ATM) services in the banking industry, the Central Bank of Nigeria (CBN) has reviewed the ATM transaction fees prescribed in Section 10.7 of the extant CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial

“This review is expected to accelerate the deployment of ATMs and ensure that appropriate charges are applied by financial institutions to consumers of the service,” the CBN added.

Under the new rules, customers withdrawing from their own bank’s ATMs (on-us transactions) will still enjoy free withdrawals. However, withdrawals from on-site ATMs (ATMs located at bank branches) will incur an N100 fee per N20,000 withdrawn.

For withdrawals at ATMs belonging to other banks (Not-on-Us transactions), an N100 fee plus a surcharge of up to N450 per N20,000 withdrawal will apply.

The CBN emphasized that the surcharge is the income of the “ATM deployer/acquirer and must be disclosed to consumers at the point of withdrawal.”

For international withdrawals using debit or credit cards, banks, and financial institutions are now allowed to charge a “cost-recovery charge equivalent to the exact amount charged by the international acquirer.”

Additionally, the CBN stated that the three free monthly withdrawals for Remote-On-Us (other bank’s customers/Not-On-Us consumers) will no longer apply under Section 10.6.2 of the Guide.

The apex bank has urged all financial institutions to ensure compliance with the new guidelines before the March 1, 2025, implementation date.

 


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Afreximbank Invests $52bn in Nigeria, Plans Energy Bank

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The African Export-Import Bank (AFREXIMBANK) has invested a total of $52 billion in Nigeria, making the country the largest recipient of the bank’s trade and development financing.

Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, disclosed this during a meeting with the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, in Abuja yesterday.

Prof. Oramah highlighted Nigeria’s strategic role in the bank’s projects, saying: “Being the largest recipient of the bank’s trade and development finance, Nigeria has attracted a cumulative disbursement of about $52 billion from Afreximbank. Nigeria is the first beneficiary of several flagship transformative projects that the bank is piloting.”

He noted that Nigeria had benefited from major investments in key sectors, including industrialization and healthcare, while also being the first host of many of the bank’s pioneering initiatives.

Among these initiatives is the African Quality Assurance Centre, established to ensure that Nigerian goods meet international trade standards. The first centre is already operational in Kaduna, with additional facilities being planned across Africa.

Over the past decade, Prof. Oramah stated that Afreximbank had disbursed no less than $140 billion across the continent, significantly driving Africa’s industrial growth and economic transformation.

He revealed that Afreximbank had made significant contributions to Nigeria’s healthcare sector, including the establishment of the African Medical Centre of Excellence in Abuja, set to open on June 5, 2025.

The centre, designed as a hospital and research hub, will focus on neglected diseases affecting people of African descent and is expected to position Nigeria as a medical tourism destination.

As part of efforts to strengthen Africa’s energy security, Prof. Oramah announced plans for the establishment of an Africa Energy Bank in Abuja, with an initial capital of $5 billion, of which Afreximbank is committing $1.25 billion.

The energy bank aims to finance projects that will enhance Africa’s energy sector, ensuring sustainable and reliable energy solutions across the continent.

In recognition of Nigeria’s strong partnership with Afreximbank, Prof. Oramah and Minister Wale Edun signed a Memorandum of Understanding (MoU) for Nigeria to host the bank’s Annual General Meeting (AGM) in Abuja this June.

Additionally, Afreximbank’s Africa Trade Centre in Abuja will be inaugurated on April 10, 2025, further strengthening Nigeria’s position as a key hub for African trade and investment.

Minister Edun expressed Nigeria’s appreciation for the continued support and partnership from Afreximbank, emphasizing the country’s commitment to leveraging these investments for national growth and development.

 


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