Capinnova Investment Bank Deploys ETHIX to Yield Islamic Finance Growth
Al-Saeid: Technology is one of the most important competitive challenges faced by Islamic banks and financial institutions
- (1888PressRelease) February 28, 2012 - ITS (International Turnkey Systems) Group, a leading solution provider for both Islamic and conventional banks, announced today that it has completed deploying its ETHIX Core solution for Islamic banking at Capinnova Investment Bank, the Shari'a compliant investment banking arm of BBK. Capinnova is an independent provider of world-class Shari'a compliant investment products and services for corporate businesses, high net worth individuals, family businesses and government institutions, regionally and globally.
"Despite tough market conditions, the Islamic banking and investment sector continues to show promise and positive growth on a global scale," said Naveed Anjum, Director, Head of Operations and Support at Capinnova. "To drive our leadership position in the industry, we decided to deploy the ETHIX Core to enhance our services in the three main business units: Asset Management, Private Equity and Corporate Finance."
The ETHIX Core solution for Islamic banking is a suite of technologies that help banks offer a wider array for revenue-generating products and services including automated branch management, Internet banking, treasury services, Islamic investments management and documentary credits among others.
"Our cooperation with Capinnova symbolizes the continuation of a long-lasting relationship between ITS and BBK," said Khalid Faraj Al-Saeid, ITS Managing Director and General Manager. "We deployed the solution in record time and will work closely with Capinnova to continuously ensure that the solution suits their specific needs."
With over 220 customers that include some of the largest regional banks, financial institutions and higher education institutions, the company achieved a number of awards and accolades from international and regional publishers and entities, establishing ITS as a Global leader in Islamic Banking Solutions, and a preferred ICT Partner to Islamic financial organizations. In addition, Gartner ranked ITS as a 'Tier One' Islamic solutions provider and ranked the company as number one when it comes to converting conventional banks into full-fledged Islamic banks as well as for new banks (start-up operations).
About ITS Group
Founded in 1981, the ITS Group is a leading solution provider for both Islamic and conventional banks. ITS has been ranked as one of the top three companies worldwide that are considered T1 Islamic Solutions providers. The ITS ETHIX financial solutions are a certified Islamic Finance Module and comply with AAOIFI standards. ITS is also the only company globally to convert banks from conventional to Islamic systems, as noted in the "Gartner Report" of July 2010. For more information, please visit www.its.ws.
About Capinnova Investment Bank
Capinnova Investment Bank is a Shari'a-compliant investment bank licensed by the Central Bank of Bahrain and is wholly owned by BBK. The Bank is well capitalized with an authorized capital of US$500 million and a paid-up capital of US$151.5 million.
The Bank's core areas of business include private equity, asset management and corporate finance. Capinnova's vision is to be a world-class Islamic investment bank offering a range of high quality Shari'a-compliant products and services to a diverse clientele including financial institutions, companies and establishments, high-net-worth individuals and family businesses, regionally and globally.
The Bank's mission is to become the Islamic investment bank of choice and a niche player, providing clients in the Gulf Cooperation Council states and the Middle East and North Africa region with superior investment products aimed at building and sustaining shareholder value, whilst maintaining an optimal balance between risks and returns.