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Payments General

New Iraqi bank Al Mustashar goes live with ICSFS core system

Tuesday 22 January 2019 | 11:12 AM CET

Al Mustashar Islamic Bank has gone lives with ICS Banks Islamic, the core banking system by ICS Financial Systems (ICSFS).

The bank is newly registered in Iraq and obtained approval from the Central Bank of Iraq in the second quarter of 2018 to offer Shariah-compliant services.

ICSFS says it launched and rolled out its systems in only three months.

Al Mustashar will be implementing the core banking system, along with credit facilities and risk groups, Murabaha, Musharaka, Ijara, Mudaraba, Qard Hasan, time deposit, profit distribution, remittances and trade finance.

ICS Banks Islamic is a modular solution designed around Shariah in compliance with the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).

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