Emirates Islamic Bank (EI) has selected the Infosys Finacle Islamic Banking solution to power its operations.
The Bengaluru-based Infosys said Finacle will support the Middle East bank to serve its customers with better efficiency, manage its operations effectively, and meet the reporting and compliance obligations.
Finacle Islamic Banking Solution is a cost-effective, customer-centric and Sharia-compliant banking platform with scalability, said Infosys.
Finacle solution allows the bank to create a range of products and services that will be compliant with the stringent Sharia business rules and accounting rules.
The banking solution features a modern Service-Oriented Architecture (SOA) platform with Straight Through Processing (STP) capabilities to offer greater operational efficiency and effectiveness for the bank.
The Finacle Islamic Banking Solution will also ensure transparency of accounting and profit-sharing, along with rigorous operational risk control.