ICS Financial Systems Ltd. – ICSFS, the global software and services provider for banks and financial institutions, announced its successful participation in the First Banking Conference in Iraq that was organised by Iraq Private Banks League. Under the auspices of the Prime Minister Nouri al-Maliki, the conference carried the theme of “Iraqi Banking Sector – Reality and Challenges”. The event was held in Baghdad at Palestine International Hotel from 28 -29 September 2013.
ICSFS received an invitation from Iraq Private Banks League to attend the event, as it is considered one of the leading banking solutions providers in Iraq. The conference witnessed the participation of Arab and foreign banks, Iraqi ministries and authorities as well as the Union of Arab Banks.
The main objective of the conference was to set comprehensive recommendations to the development process of the banking sector, in order to serve the economy in Iraq. On the first day, the conference dealt with the Iraqi banking activities, banking regulatory environment, monetary policy, the future of the Islamic banks in Iraq and the economic challenges that the Iraqi banks will face. The second day of the conference addressed the role of international institutions in the banking development process, the mechanism of actions for modern banking industry, private banks strategic programs to implement small and medium-sized enterprises and the role of foreign banks in these strategic programs.
Executive Director of Business Development at ICSFS; Mr. Wael Malkawi stated,
“We are delighted and honoured to be invited by Iraq Private Banks League to attend this effective conference. The conference focused on present and future strategic plans for the Iraqi banking sector, opening the opportunities for us to be acquainted with the future needs and requirements of the banking sector in the Iraqi market. As we are working to increase ICSFS’ customers in Iraq, that adds up to twelve banks using ICS BANKS® and ICS BANKS® ISLAMIC systems.”
ICS BANKS® 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® 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, J2EE environment. ICSFS references in Iraq include the following banks: Bank of Baghdad, Gulf Commercial Bank, Warka Bank for Investment & Finance, Investment Bank of Iraq, United Bank for Investment, Ashur International Bank for Investment, Dar Es Salaam Investment Bank, Emerald Bank, Vakif Bank, Iraqi Islamic Bank, T.C. Ziraat Bankasi, Albaraka Türk Participation Bank. The banking sector in Iraq consists of the Central Bank of Iraq and 56 banks distributed as below; (7) government banks, (29) private Banks, (9) Islamic banks, and (11) foreign banks.
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