aafaq Islamic Finance, an autonomous Shariacompliant finance company in the UAE, and Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys (NYSE: INFY), announced the go-live of the Finacle Core, Islamic Banking and Payments solutions to power its operations.
- The transition to automated suite of solutions has enabled substantial rationalization and automation of processes, thereby significantly boosting productivity.
- Product factories, together with extensive parameterization is helping the bank drive product and service innovation. aafaq is now empowered to rollout products and services on-demand to meet the evolving market needs.
- Open APIs across business applications, has enabled seamless information flows and resulted in significant improvement in operations
- Unified customer view and actionable insights have helped aafaq anticipate client needs and craft tailored solutions, boosting cross sell
- The new Islamic Asset Financing and CRM modules have given aafaq greater flexibility in offering tailor-made agreements to customers, while ensuring compliance with Sharia laws and AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) accounting standards.
- Automation of the Profit Distribution module has significantly increased accuracy and speed, while allowing for cross-currency simulation of profit amounts
- The new limits and collaterals solution deployed for managing corporate assets has enhanced the aafaq's risk monitoring and management capabilities
The transformation journey, which has helped aafaq achieve extensive efficiencies from large scale optimization and automation of processes, won the 'Best Islamic Banking Implementation' award for 2019 at the Islamic Finance & Banking Awards held at Dubai in October.
Saif Ali Mohamed Munakhas Alshehhi, Managing Director and CEO, aafaq Islamic Finance, said, "Transitioning to an automated, high end digital platform has been a massive, yet easy feat for aafaq. We are proud and thrilled to have been awarded the 'Best Islamic Banking Implementation Award' for 2019 in recognition of this transformation. The Finacle Digital Banking Platform has helped us in operating at a significantly lower costs, manage risk and credit exposure better, and at the same time deliver superior customer service and returns. Building on this robust platform, we aim to strengthen our presence in the UAE market as a digital first, modern Islamic finance company."
Venkataramana Gosavi, Senior Vice President and Global Head of Sales, Infosys Finacle, said, "We are delighted that the transformation program at aafaq has been recognized as the best in the industry for 2019. This transformation's success and the industry recognition is a testimony of Finacle's ability to help Islamic financial institutions of any size and maturity to pursue an inside out, truly digital transformation. With the increasing influence of digital in customers' everyday lives and evolving competitive landscape, it's critical for Islamic financial institutions to proactively modernize their operations. With our industry leading solution suite and exemplary delivery track record, Finacle is well placed to help them achieve their transformational aspirations."
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