UAE-based aafaq Islamic Finance Launches New Core Digital Banking Platform, Developed by InfoSys

United Arab Emirates (UAE)-based aafaq Islamic Finance has formally launched its core banking, Islamic banking and funds platforms, which have been developed by Infosys.

aafaq’s administration confirmed that the monetary establishment has upgraded its digital, funds and Islamic banking with software program designed by Infosys, an India-based multinational company that provides enterprise consulting, IT and outsourcing providers. Infosys’s head places of work are primarily based in Bangalore, Karnataka.

Based in 2006, aafaq gives Shariah-compliant monetary merchandise, which embody providers for company and retail banking purchasers. The financial institution additionally gives property and auto financing options.

aafaq shall be utilizing the Infosys Finacle Digital Banking Suite, which is able to automate most of its conventional processes, as a way to “considerably” improve the financial institution’s productiveness.

Infosys has put in numerous software programming interfaces (APIs) throughout aafaq’s platform, which the IT agency says will allow the “seamless” circulate of economic knowledge between the financial institution’s enterprise departments.

Saif Ali Mohamed Munakhas Alshehhi, Managing Director and CEO at aafaq Islamic Finance, said:

“Transitioning to an automatic, excessive finish digital platform has been an enormous, but simple feat for aafaq.”

He added:

“Constructing on this strong platform, we purpose to strengthen our presence within the UAE market as a digital first, trendy Islamic finance firm.”

Venkataramana Gosavi, senior VP and international head of gross sales at Infosys Finacle, famous that the software program improve carried out by InfoSys is a “testimony of Finacle’s potential to assist Islamic monetary establishments of any dimension and maturity to pursue an inside out, actually digital transformation.”

He continued:

“With the rising affect of digital in prospects’ on a regular basis lives and evolving aggressive panorama, it’s important for Islamic monetary establishments to proactively modernize their operations.”