The first neo-financial institution in Saudi Arabia opts for the ICS BANKS digital platform from ICSFS
Riyadh, Saudi Arabia: the first neo-Korean financial institution; Loan Financing Company (LFC), a newly established microfinance company in the Kingdom of Saudi Arabia, has selected ICS BANKS Digital Platform, a global Shariah-compliant digital software solution, from ICS Financial Systems (ICSFS), the software and global services provider for banks and financial institutions.
The LFC has received a letter of no objection from the Saudi Arabian Central Bank (SAMA), which regulates and oversees the operations of banks and financial institutions across the country. LFC has also received preliminary approval from SAMA to form a consumer-facing microfinance company offering Islamic Sharia-compliant financing solutions. The company will provide innovative, Shariah-compliant loan products and services that meet customer needs through a cloud-hosted mobile application available exclusively online.
The signing ceremony took place at the end of May this year at the ICSFS Center of Excellence in Jordan and was led by LFC Board Members and ICSFS Chief Executives.
Debt Finance Company Board of Directors Member, Dr. Sulaiman Ali Al-Hudaif commented“We have taken a big step by creating a Neo Microfinance Company which will be managed by state-of-the-art technology. I would like to take this opportunity to show my satisfaction with this new strategic partnership with ICSFS. Having a strong and reputable strategic technology partner such as ICSFS by our side will support our mission to become a pioneer in this field in the Kingdom of Saudi Arabia. We look forward to taking further steps in the near future by launching our company’s operations and hopefully distinguishing ourselves by becoming a role model for other neo-microfinance companies in the Kingdom of Saudi Arabia and around the region. We are excited to begin our journey with ICSFS by our side. I thank the ICSFS and LFC teams for their hard work and recognized efforts to reach this stage.
President of the debt financing company; Mr. Abdulrahman Al-Hudaif said“As one of the first new financial institutions in the Kingdom of Saudi Arabia, it is our duty to bring the best microfinance products and services in the sector to the country. After extensive research and studies, we opted for the most reliable, innovative and strategic technology partner. With ICSFS’ end-to-end digital and open platform capabilities, we believe we will excel in providing a seamless and secure customer journey, and driving the Saudi microfinance industry towards innovation excellence. .
ICSFS Group Managing Director, Mr. Robert Hazboun commented“Despite growing competition with endless disruptive innovation, ICSFS has had the foresight to capitalize on digital banking and services, delivering a cloud-based platform that meets the individual and bespoke needs of each client, Islamic institutions from digital only and microfinance to hybrid and cloud-based solutions, we are honored to have been chosen by LFC and look forward to providing them with our bespoke microfinance products and services.
ICSFS Executive Director, Mr. Wael Malkawi said“We are very happy and honored to welcome LFC to our ICS BANKS community and to join the ICSFS family. We thank you for the trust you place in our company and our products. ICSFS is committed to providing a comprehensive digital banking automation platform to LFC. We will make every effort to see LFC as a pioneer in the Saudi market. We look forward to a long-term strategic partnership, meeting our customers’ expectations, enhancing our work together and witnessing another success story.
ICSFS invests in its software suites using modern technology to launch new products, build secure and agile integration, and keep pace with new standards and regulations around the world. The ICS BANKS software suite future-proofs banking and finance by delivering a wide range of features and capabilities with greater agility and flexibility, to enrich the customer journey experience, improving trust and privacy with the customer. ICS BANKS has always been a pioneer in the use of the latest technologies at the service of financial institutions. In addition to its integrated service-oriented architecture (SOA), Digital Platform.